The Ghana Revenue Authority (GRA) has collected a total tax revenue of GH¢113.06billion for the 2023 fiscal year as against a revised target of GH₵109.19billion. This performance represents a nominal growth rate of 49.3 percent against an expected growth rate of 44.2 percent over the 2022 fiscal year.
Initially, the authority was tasked to collect a total tax revenue of GH₵106billion for the 2023 fiscal year. This represents a 40 percent growth over the collection of GH₵75.71billion for the 2022 fiscal year.
In an exclusive interview, the Commissioner-General of GRA, Rev. Dr. Ammishaddai Owusu-Amoah, said the target was revised in the 2023 Mid-Year Budget to GH₵109.19billion, which was an upward adjustment of GH₵3.20billion – i.e. 3 percent. This represents a growth of 44.2 percent over the collection of 2022.
“I am happy to announce that we recorded a year-on-year growth of 49.3 percent, the highest ever recorded in the last twenty (20) years and the highest tax to GDP ratio of 14.1 percent in the last six years,” he said.
Domestic tax revenue grew by 54 percent and contributed 73 percent of the total revenue raised in the year, whereas tax revenue from international trade – customs – grew by 38.2 percent and contributed 27 percent to total tax revenue.
In 2023, tax revenue growth more than doubled within two years, a feat which occurred only in 2011 and 2012 when Ghana first discovered oil in commercial quantities. The authority has also recorded the highest ever Tax Buoyancy – the efficiency and responsiveness of tax revenue mobilisation to growth in the economy – of 1.5 recorded in 2021 and 2023.
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