The Ghana Revenue Authority (GRA) 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.
GRA was expected 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, Amishaddai Owusu-Amoah 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 GHC42,769.50; as at December 2020, we had collected GHC45,338.69 million exceeding the budget by GHC2,569.19 million thus, with a positive deviation of 6.0%,” he 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 GRA targeted GHC22,153.64 billion but managed to raise GHC22, 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 GHC10,917.20 but was able to raise GHC12,583.37.
Meanwhile, the Authority has set a target of GHC60 billion 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.