GRA posts ₵68bn as part of 2024 mid-year revenue target

On July 18, 2024, 9:20 PM

The Ghana Revenue Authority (GRA) has posted some Gh₵68 billion as part of its 2024 mid-year revenue target.

This represent about 47 percent of its total annual revenue target  for the year — which is ₵146 billion.

The ₵68 billion represents a 0.2 percent increase, exceeding its mid-year budget against a half-year target of ₵67.9 billion.

Speaking at a press briefing to announce the mid-year performance of the GRA, Commissioner-General, Julie Essiam said the authority (GRA) will focus on customer satisfaction as part of a strategy to meet its revenue target by the close of the year.

“For the 2024 fiscal year, the GRA was tasked to collect ₵145.99 billion. That is this year, representing a 29.1 growth over the ₵113.06 billion collected in the 2023 fiscal year last year. With the commitment of the outstanding staff that I referenced, I’m happy to announce that as of June this year, the GRA collected a total of ₵68.49 billion against a half-year budget of ₵67.9 billion”.

“Therefore exceeding the cumulative mid-year target by ₵138.6 million , which represents a 0.2 increase. Therefore, the GRA exceeding mid-year budget by 0.2%. Ladies and gentlemen, this achievement represents a nominal growth of 37.60% over the same period last year”, she said.

Ms Essiam said the authority experienced some shortfalls in revenue from January to March but rebounded to exceed its target from the month of April to June.

“To break down the details of the performance to date, the month of January we fell below target by 12.3%. February showed a shortfall of 6.3%. March suffered a similar trend of an increased negative deviation of 12.7%. We started to rebound from April and exceeded target by 1.9% that month, then exceeded again in May by 1.4%, and subsequently a significant achievement of the positive increase of 21.2% in June.”

“As we can see, the outstanding performance in June was supported or supported the turnaround to help with a positive half-year performance of the 0.2% of the total half-year budget,”she stated.

The authority said it acknowledged the headwinds during an election period but poised to work to meet its target by the close of the year.