Finance minister Dr. Cassiel Ato Baah Forson has urged the Ghana Revenue Authority (GRA) to exceed its revenue target of GHC200bn for 2025.

This was disclosed by the  Ghana Revenue Authority, Commissioner-General Mr. Anthony Kwasi Sarpong

"Our sector minister honourable Ato Forson has already indicated that in 2025 as GRA, he expects us to exceed GHC200bn as tax revenue," Mr Sarpong told the media.

Mr. Sarpong reiterated that the authority’s primary mandate would be to grow and achieve revenue targets, noting 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. This is not an individual effort but a collective one, and when we succeed, it will benefit the entire country,” he stated.

The GRA has surpassed its 2024 revenue target, collecting GH¢ 153.5 billion, a 5.3 percent increase over the projected GH¢ 145.9 billion.

This translates to a nominal growth of 35 percent compared to 2023.

Key drivers of this performance include robust growth in domestic revenue (31.6 percent) and customs (47 percent), exceeding expectations across several tax handles. Notably, corporate tax collections reached GH¢ 38 billion, surpassing the GH¢ 30 billion target.

Addressing GRA management, Dr. Forson highlighted the country’s limited borrowing options in the current fiscal environment.

“Without revenue, there is little you can do. We do not have access to the Eurobond market, commercial bank loans, or even the domestic bond market. The only access we have is Treasury bills and multilateral loans,” he said.

He added that these constraints make domestic resource mobilisation more crucial than ever.

The minister noted that, under the International Monetary Fund (IMF) programme, the government is obligated to raise additional tax revenue equivalent to 0.6 percent of gross domestic product (GDP) in 2025.

Prior to assuming office, the Finance Minister pledged to improve tax compliance to increase Ghana's tax revenue to 16% of GDP without raising taxes.

Adding that his focus would be on working closely with the Ghana Revenue Authority (GRA) and the tax policy unit of the Ministry of Finance to improve compliance and revenue collection.

"We don't necessarily have to increase taxes before you rake in revenue. What we need to do is improve compliance. I will work with the GRA and the tax policy unit to ensure we increase compliance and raise the revenue as much as we can," he noted.