The Ghana Revenue Authority (GRA) has decided to monitor the foreign income of resident Ghanaians to rake in more revenue for the government in place of the Value Added Tax (VAT) on electricity that has been suspended owing to public criticism.

According to GRA Commissioner-General, Juliet Essiam, this will establish a sustainable revenue stream extending beyond 2024.

Julie Essiam expressed confidence in the sustainability of this measure, emphasizing its potential to effectively replace the anticipated GH¢1.8 billion revenue target.

The Commissioner-General, in her brief remarks at the joint IMF, BoG and Ministry of Finance press conference held in Accra on April 13, 2024, noted that monitoring the foreign income of resident Ghanaians is not a novel measure since it has existed within the legal framework for some time, albeit lacking effective implementation.

“We [GRA] will specifically speak to the measure that is replacing the VAT on electricity. So, the measure that we put in place is a compliance measure on foreign income of resident Ghanaians.

“This measure is already in the law, as the minister said, so it is not a new measure. The difference is that its implementation and application have not been implemented effectively,” the GRA Commissioner-General said

She noted that with the assistance of the Organization for African, Caribbean, and Pacific States (OACD), the Authority has gone through sustainable processes and structures to ensure that when implemented, the tax measure would go beyond 2024 in its revenue numbers.

“So this is the measure that, together with the Government of Ghana and our mother ministry, the Ministry of Finance, is going to take place or is going to replace the VAT on electricity," she added.

As part of Ghana's governmental initiatives, in partnership with the Ministry of Finance, this action aims to address the country's fiscal requirements, particularly in revenue generation, with a focus on long-term solutions.