Finance Minister Dr. Cassiel Ato Baah Forson has urged the Ghana Revenue Authority (GRA) to surpass its revenue targets to help reduce the government’s reliance on borrowing.

Speaking during a visit to the GRA as part of a series of engagements aimed at addressing key revenue and public expenditure issues, Dr. Forson emphasized the importance of domestic resource mobilization in light of limited access to international borrowing markets.

“Without revenue, there’s little you can do,” Dr. Forson remarked. He pointed out that Ghana currently has no access to Eurobond markets, domestic bonds, or commercial bank loans, leaving Treasury bills and multilateral loans as the only available financing options. “This means we have to focus more on domestic resource mobilization rather than borrowing externally,” he stressed.

While acknowledging the GRA’s success in exceeding its 2024 revenue target by raising GH₵153.5 billion—GH₵7.5 billion above the initial target—Dr. Forson urged the agency to set even higher goals for 2025. “Achieving your target will not be enough; you have to exceed it so that we can reduce borrowing. The space to borrow is simply not there,” he said.

The GRA’s performance in 2024, which saw a 5.3% increase in revenue compared to the target, reflects a nominal growth of 35% from 2023. Additionally, with the introduction of levies such as the Sanitation Debt Recovery Levy and Energy Sector Debt, total revenue collection reached GH₵157.9 billion.

As part of Ghana's fiscal consolidation efforts under the International Monetary Fund (IMF) program, Dr. Forson reminded the GRA that they are obligated to raise additional tax revenue equivalent to 0.6% of the GDP.

“This agreement is between the government of Ghana and the IMF, not political parties, so we are obligated to meet this target. I urge you to find innovative ways to achieve this,” he added.

The Acting Commissioner General of the GRA, Anthony Kwasi Sarpong, responded by emphasizing the importance of teamwork in achieving the agency’s targets. “I may have two hands and one head, but together with the entire GRA team, we can overcome any challenges,” Mr. Sarpong said, reaffirming the institution’s commitment to revenue generation.

In a separate meeting with the Controller and Accountant General’s Department (CAGD), Dr. Forson discussed the need for expenditure quality in managing public funds. He explained that while the Ministry of Finance sets expenditure priorities, the CAGD must ensure compliance with the law.

“Your role is to ensure that whatever we direct you to pay is carefully reviewed. If it aligns with the law, proceed with payment. But the quality of expenditure is the prerogative of the Ministry of Finance,” Dr. Forson stated.

The Controller and Accountant General, Kwasi Agyei, expressed appreciation for Dr. Forson’s leadership and reiterated the CAGD’s commitment to transparency.

“Our mandate, as outlined in the Public Financial Management (PFM) Act, is to ensure transparency in transactions and proper management of funds,” he said.

However, Mr. Agyei also acknowledged the need for further system upgrades to maintain public trust, which he stressed is critical to the success of Ghana’s financial management. “Declining public trust in the management of public funds is a growing concern across Africa. While Ghana has not yet reached a critical point, we must act now to sustain confidence in our financial systems,” he warned.