The Ghana Revenue Authority has exceeded its revised revenue target for 2020 after mobilising about GH₵ 45,338.69 million the Acting Commissioner General Amishaddai Owusu-Amoah has announced.
The Authority was initially budgeted to collect total tax revenue of GH₵ 47,253.95 million for the 2020 fiscal year. This represented 7.6% growth over the actual tax revenue collections of GH₵ 43,907.12 million for the 2019 fiscal year.
However, as a result of the impact of COVID-19 global pandemic, the budget was revised to GH₵ 42,769.50 million.
Addressing journalist in Accra, Acting Commissioner General said the GRA was able to exceed the revised target because of its strategy to focus on certain areas such as the financial and telecom sectors which were less impacted by covid 19.
“I am delighted to announce that despite the COVID-19 pandemic and its negative impact on businesses, the GRA was able to meet its 2020 revised revenue target. The Authority was tasked to collect a revised tax revenue target of GH₵ 42,769.50; as at December 2020, we had collected GH₵ 45,338.69 million exceeding the budget by GH₵ 2,569.19 million thus, with a positive deviation of 6.0%.” the GRA Boss said.
He added “This performance represents a nominal growth rate of 3.3% over the same period in 2019. In 2020, domestic revenue grew by a nominal rate of 2.8% while Customs collection grew by 4.5%.
He said in the area of direct taxes the authority targeted GH₵ 22,153.64 billion but managed to raise GH₵ 22, 212.66.
In terms of Indirect Taxes, the GRA targeted GH₵ 9,698.66 but managed to raise GH₵ 10,583.37.
In the area of Customs, the GRA Boss said his outfit targeted GH₵ 10,917.20 but was able to raise GH₵ 12,583.37.
Meanwhile the Authority has set a target of 60 billion cedis as its revenue target for 2021 despite the raging impact of the Covid 19 pandemic.
Commissioner General of the GRA said the authority has mapped out strategies to ensure it meets the ambitious target for this year.