"Finance Minister Instructs GRA to Exceed Revenue Targets for 2025"

Finance Minister Dr. Cassiel Ato Forson has tasked the Ghana Revenue Authority (GRA) with the ambitious goal of surpassing its revenue targets for 2025. During a visit to the GRA headquarters in Accra, Dr. Forson praised the authority for exceeding its revenue target for 2024 but emphasized the importance of maintaining this momentum in the upcoming year.

In 2024, the GRA exceeded its revenue target by collecting GH¢153.5 billion, surpassing the forecasted GH¢145.9 billion by 5.3%. This performance represented a remarkable 35% growth compared to the previous year. Key contributors to this success included a 31.6% rise in domestic revenue and a 47% increase in customs revenue. Notably, corporate tax collections reached GH¢38 billion, well above the GH¢30 billion target.

While acknowledging this achievement, Dr. Forson urged the GRA to aim for even greater performance in 2025, especially given the fiscal challenges the country faces. He explained that with limited access to external borrowing options, revenue generation within Ghana is now more critical than ever. “Without revenue, there is little you can do,” he stated, noting that the country does not have access to Eurobonds, commercial bank loans, or domestic bonds. Instead, Ghana’s fiscal options are confined to Treasury bills and multilateral loans, making domestic resource mobilization a top priority for the government.

Dr. Forson reminded the GRA of the country’s commitment under the International Monetary Fund (IMF) program, which requires the government to raise additional tax revenue equivalent to 0.6% of Gross Domestic Product (GDP) in 2025. He stressed that meeting this target is a national responsibility, not a political issue, and called on the GRA to explore innovative solutions to meet the revenue goal. “Tax revenue in 2024 was 13.8% of GDP, which is too low for a country like ours,” he remarked, highlighting the need for substantial improvements in revenue generation.

One area that Dr. Forson specifically pointed to for improvement was customs revenue, which had not performed as expected. “I think customs can do more,” he said, signaling the need for further measures to boost collections in this sector. He emphasized the importance of efficiency and collaboration within the GRA, encouraging Acting Commissioner-General Anthony Kwasi Sarpong to foster a culture of teamwork to maximize the authority’s capabilities.

“Your duty is to help mobilize resources and guide us toward achieving this ambitious target,” Dr. Forson told the GRA management. He stressed that the government aims to reduce borrowing, given the constraints in borrowing capacity, and that achieving higher revenue is essential to limiting the need for external debt.

Looking ahead, Dr. Forson encouraged the GRA to prepare for the upcoming IMF mission, which will visit Ghana in February to review the government’s budget preparation process. While he expressed confidence that the GRA would be able to meet the 2025 revenue targets, he underscored the importance of exceeding expectations to avoid an overreliance on borrowing.

In response, Anthony Kwasi Sarpong, the acting Commissioner-General of the GRA, acknowledged the responsibility placed on the authority but expressed his commitment to exceeding revenue expectations through teamwork and strong leadership. He emphasized the importance of unity and collaboration in achieving the GRA’s objectives. “What makes the institution is the people—management and the entire team,” he said. “Together, we can overcome the challenges related to revenue mobilization.”

Mr. Sarpong reiterated that the GRA’s primary focus would be on growing and meeting revenue targets. He reassured Dr. Forson that every effort would be made to meet the minister’s expectations. “We will work hard to deliver on our commitments and ensure that we support the nation’s financial needs,” he stated, emphasizing that the effort to meet revenue goals is a collective one that will benefit the entire country.

Both Dr. Forson and Mr. Sarpong expressed their shared vision of building a legacy of fiscal responsibility and sustainable national development. “When we had the opportunity, we built this nation and left it in a state that future generations could build upon. That is the legacy we aim to create,” Mr. Sarpong concluded.