The government of Ghana has launched a number of novel initiatives to help raise more revenue domestically to support its projects.
This follows a massive cut in government expenditure to expedite the country’s recovery from the COVID-19 epidemic.
Ken Ofori-Atta, the Minister of Finance, who revealed these measures during a news conference in Accra on Thursday, March 24, 2022, said the government is not just focused on cutting down expenditure, but is also searching for methods to generate revenues domestically.
In response to these domestic revenue mobilization measures, the Minister said that the new Property Rate would be implemented and collected by the end of April 2022. He claims that this would boost government revenue and assist the country’s tax-to-GDP ratio.
In addition, the government wants to start implementing the E-VAT, E-Commerce, and e-Gaming initiatives by the end of April 202, rolling out the simplified tax filing mobile app for all eligible taxpayers by July 2022, and focus on the Revenue Assurance, Compliance, and Enforcement (RACE) program to stop revenue leaks at the ports. The “No Duty – No Exit” policy will be implemented at the MPS Terminal at the Tema Port to improve revenue.
According to the Minister, this would aid in the stabilization of the government’s domestic revenue and the achievement of the revenue objective established for the 2022 fiscal year.