Ghana Revenue Authority (GRA) collected GH¢113.06 billion for the 2023 fiscal year as against a revised target of GH¢109.19 billion.
This performance represents a nominal growth rate of 49.3% against an expected growth rate of 44.2% over the 2022 fiscal year.
GRA was tasked to collect a total tax revenue of GH¢106 billion for the 2023 fiscal year.
This represents a 40.0% growth over the collection of GH¢75.71 billion for the 2022 fiscal year.
The Commissioner-General of GRA, Rev. Dr. Ammishaddai Owusu-Amoah said the target was revised in the 2023 Mid-Year Budget to GH¢109.19 billion which was an upward adjustment of GH¢3.20 billion (i.e. 3.0%).
This represents a growth of 44.2% over the collection of 2022.
“I am happy to announce that, we recorded a year-on-year growth of 49.3%, the highest ever recorded in the last 20 years and the highest tax-to-GDP ratio of 14.1% in the last six years”, he said.
Details of 2023 Revenue Mobilised
Domestic tax revenue grew by 54.0% and contributed 73% of the total revenue raised in the year whereas tax revenue from international trade (Customs) grew by 38.2% and contributed 27% to total tax revenue.
In 2023, tax revenue growth more than doubled within two years, a feat which occurred only in 2011 and 2012 when Ghana first discovered oil in commercial quantities.
The Authority has also recorded the highest-ever Tax Buoyancy (the efficiency and responsiveness of tax revenue mobilisation to growth in the Economy) of 1.5 recorded in 2021 and 2023.
Rev. Dr Owusu-Amoah said, “Our outstanding performance is attributed to the intensified compliance activities to recover overdue liabilities as well as provisional assessments for 2023, high payment of Corporate Income Tax (CIT), especially from the Banks.
He added that compared to the 2022 payment of GH₵2,557.47m, in 2023, the Banks paid GH₵3,957.92m. These payments indicated a growth rate of 54.8% (i.e. GH₵1,400.45m).
