The Ghana Revenue Authority (GRA) has outperformed its 2024 revenue target, collecting GH₵153.5 billion, a significant GH₵7.5 billion above the projected GH₵145.9 billion.
This achievement represents a 5.3% increase over the target and a nominal growth of 35% compared to 2023.
According to data obtained by JOYBUSINESS, the inclusion of levies such as the Sanitation Debt Recovery Levy, Energy Sector Debt, and the Sanitation and Pollution Levy further boosted the total revenue to GH₵157.9 billion.
Key Contributors to Revenue Growth
Domestic revenue recorded a 31.6% growth, while Customs revenue surged by an impressive 47.0%, driving the GRA’s remarkable performance.
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Several tax categories exceeded expectations, underscoring the authority’s robust compliance measures.
- Corporate Tax: GH₵38 billion collected, exceeding the GH₵30 billion target.
- Mineral Royalty: GH₵5.2 billion realized, surpassing the GH₵3 billion target.
- Airport Tax: GH₵1.6 billion mobilized against a target of GH₵1.3 billion.
These strong performances demonstrate the GRA’s ability to optimize collections from key tax handles.
E-Levy and COVID-19 Levy Performance
The e-levy, projected to generate GH₵2.1 billion in 2024, brought in GH₵2 billion, slightly below target.
Similarly, the COVID-19 Health Recovery Levy underperformed in certain areas:
- Flat Rate: GH₵86 million collected against a target of GH₵128 million.
- Standard Rate: GH₵2.7 billion realized, falling short of the GH₵4.2 billion target.
Compliance and Strategy
Insiders at the GRA attribute the successful revenue mobilization to strengthened compliance efforts and the authority’s focus on improving efficiency in tax collection.
This record-breaking performance comes as a significant boost for Ghana’s economy, providing the government with additional resources to meet its fiscal obligations and support development initiatives.
