The Ghana Revenue Authority (GRA) has announced plans to deploy advanced technology before the end of the year to track cryptocurrency accounts and ensure that profits made in the digital economy are taxed.
Commissioner-General of the GRA, Anthony Kwasi Sarpong, made the revelation during a media briefing, stressing that no trader in Ghana’s fast-growing crypto market will escape the tax net.
“One interesting area is crypto. The crypto is evolving and growing very well. And today we have people who are dealing with cryptocurrency, and they are making money. That area is evolving. Our laws are coming up. So again, we are working with the Securities and Exchange Commission and Bank of Ghana to bring the regulation. But in terms of tax laws, if you make a profit or gain, you’re supposed to pay that.”
Anthony Kwasi Sarpong
Mr. Sarpong noted that the broader objective is to align Ghana’s tax system with the growing digital economy. According to him, the future of commerce is digital, and Ghana cannot afford to be left behind in regulating and taxing this emerging sector.
“Digitisation and digital economy are here with us and into the future, and most importantly, even the taxpayer of the future is digital. That’s why we as GRA are preparing ourselves to be digitally ready for today and into the future, so we can continue to deliver on our mandate of revenue mobility.”
Anthony Kwasi Sarpong
This comes at a time when cryptocurrency adoption in Ghana has surged, driven largely by young investors seeking alternative financial assets and digital avenues for wealth creation.
Closing Loopholes in Online Transactions
The GRA boss revealed that the agency is developing a system capable of capturing transactions made in the digital space. This includes not only cryptocurrencies but also online business transactions such as e-commerce. “So today, the technology we are going to deploy will be able to bring in all the crypto accounts into focus, and then we will work with these individuals to make sure that we bring them into the tax net,” Mr. Sarpong stressed.
He explained that loopholes in online transactions have long deprived the state of revenue. For instance, while Value Added Tax (VAT) is strictly applied in physical shops, many online transactions escape this enforcement. To address this, GRA will integrate technology that allows taxes to be applied at the point of payment, ensuring fairness across both digital and traditional platforms.
In line with this agenda, the GRA is collaborating with the Securities and Exchange Commission (SEC) and the Bank of Ghana (BoG) to craft a regulatory framework that ensures crypto assets fall under Ghana’s financial oversight. The collaboration aims to prevent tax evasion while promoting responsible innovation within the digital finance space.
The Commissioner-General emphasized that the GRA is not introducing new taxes but rather enforcing existing ones that require taxpayers to declare gains from trade and investment, including digital assets. “The policy of President Mahama and the Finance Minister is that we are not introducing so many new taxes because we already have within our tax laws sufficient measures that once implemented will help us deepen and expand the tax net,” he stated.
Pilot Program and Full Rollout
Mr. Sarpong disclosed that the GRA intends to pilot the new digital tax monitoring system by September, with full deployment scheduled for the end of the year. The pilot will focus on monitoring crypto accounts and selected online transactions to test the system’s reliability before scaling it nationwide.
Once rolled out, the system will track the flow of funds across crypto wallets and online payment platforms, ensuring transparency and compliance with Ghana’s tax obligations.
For cryptocurrency traders, the announcement signals the end of what some have considered a tax-free environment. Traders who have been making significant profits on digital assets without declaring them may now find themselves under scrutiny.
The move could also bring more legitimacy to the crypto industry in Ghana by integrating it into the formal financial system. While some traders may see it as a challenge, others view it as an opportunity for recognition and protection within Ghana’s regulated economy.
E-commerce platforms and online businesses are also expected to feel the impact as the GRA enforces VAT collection at the point of sale. This would create a level playing field between physical shops and digital sellers while boosting government revenue.
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