• About
  • Advertise
  • Privacy Policy
  • Contact
Wednesday, July 2, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

GRA exceeds revenue target by 6.0% – Owusu-Amoah

January 23, 2021
Stephen M.Cby Stephen M.C
in Economy, Sub Top Stories, Sub Top Stories1
0
GRA exceeds revenue target by 6.0% - Owusu-Amoah

Commissioner-General of GRA - Rev. Ammishaddai Owusu-Amoah

The Commissioner-General of the Ghana Revenue Authority (GRA), Rev. Ammishaddai Owusu-Amoah has announced that the GRA has exceeded its revised revenue target of the 2020 fiscal year by 6.0 percent. 

He disclosed this in his official Twitter handle on Friday, January 22, 2021 and was sighted by the Vaultz News.

“Ladies and Gentlemen, am delighted to announce that despite the COVID-19 pandemic and its negative impact on business, the GRA was able to meet its 2020 revised revenue target. The authority was tasked to collect a revised tax revenue target of GHS 42,769.50 million. As of December 2020, we had collected GHS 45,338.69 million exceeding the budget by GHS2, 569.19 million, a positive deviation of 6.0%”.

Rev. Ammishaddai Owusu-Amoah

According to the Commissioner-General, the 2020 fiscal year saw an increase in revenue collected by the GRA by 4.5 percent year-on-year. He pointed out that both direct and indirect revenues collected over the period exceeded their targets. 

RelatedPosts

Ghana Edges Closer to Debt Relief as Finance Minister Hails “Monumental Step” After China Talks

Geopolitical Tensions Could Fuel Inflation and Weaken the Cedi- Seth Terkper Sounds Alarm

Cedi’s Year-to-Date Surge Halved in June, Yet Analysts See Optimism Ahead

 “Direct taxes also saw an increase and if you want to look at the breakdown, was 22.2 billion against 22.1 billion. Then if you take customs, customs were supposed to collect 10.9 billion but collected 12.6 billion. Then if you take indirect taxes, we are supposed to collect 9.7 billion but we collected 10.6 billion”.

Owusu-Amoah

Similarly, the Ghana Revenue Authority exceeded its revenue collection target for the 2019 fiscal year by 3.2 percent. A fate that was attained for the first time in two years preceding 2019.

The Authority collected GH¢43.76 billion in 2019, as against a target of GH¢42.08 billion, GH¢1.68 billion in excess for 2019. The 2019 collection was 15.5 percent more than what was collected in 2018, which was GH¢37.68 billion.

Mr. Ammishaddai Owusu-Amoah, who disclosed the provisional figures said the excellent performance by the authority was largely due to several measures rolled out during the year, adding that the feat would serve as a great impetus for achieving the target set for 2020.

In 2019, domestic revenue amounted to GH¢31.9 billion, against a target of GH¢29.84 billion, while customs duties settled at GH¢12.01 billion, against a target of GH¢12.24 billion. Excise duties also posted a significant performance, as last year’s collection saw a 10.32 percent increase over the previous year’s.

It can be recalled that in December last year, the Chairman of the Implementation Team of the Integrated Customs Management System (ICUMS), Emmanuel Ohene disclosed that the government exceeded its revenue target in August and November 2020 from Ghana’s ports.

This, he attributed to the introduction of the Integrated Customs Management System (ICUMS) at the ports.

“Tema collection in November has exceeded its target. In August, ICUMS was responsible for Revenue target being exceeded”.

Emmanuel Ohene

He pointed out that it was worth recommendations considering the negative impact of the coronavirus on the global shipping business. According to him, an amount of GH¢1.2 billion was realized monthly since the introduction of ICUMS.

The recent performance of tax revenues collection by the GRA is very refreshing as the country’s revenue to GDP ratio is among the lowest in the African continent.

  • Tax-to-GDP ratio of at least 20% by 2021 not achievable

An increase in revenue mobilization is a positive sign as it shows that the economy is regaining life after the damages inflicted on it by the COVID-19 pandemic.

Tags: 2020 Fiscal YearExceeds TargetGhana Revenue Authority
Please login to join discussion
Previous Post

Digitalizing SMEs for transformational growth

Next Post

Russia: Over 200 people arrested amid nationwide protests after Navalny arrest

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.

Related Posts

Communication Minister Engages MTN Over Data Price Glitch and Delays
General News

Communication Minister Engages MTN Over Data Price Glitch and Delays

July 1, 2025
Kepa Arrizabalaga
Uncategorized

Arsenal Signs Kepa from London Rival

July 1, 2025
Hamza Suhuyini Sayibu, President, GBA
General News

Why Hasn’t GBA Sued Over Chief Justice Suspension?

July 1, 2025
President John Dramani Mahama
General News

Mahama Calls for National Unity, Moral Renewal at Muslims’ National Day of Prayer

July 1, 2025
Hubtel Dominates 2025 Digital Innovation Awards with Four Major Wins Celebrating
Banking

Hubtel Dominates 2025 Digital Innovation Awards with Four Major Wins Celebrating

July 1, 2025
Gas Flaring Waste
Extractives/Energy

Nigeria’s Gas Production Dips in May, Fuel Supply Drops to 62% 

July 1, 2025
Communication Minister Engages MTN Over Data Price Glitch and Delays
General News

Communication Minister Engages MTN Over Data Price Glitch and Delays

by Silas Kafui AssemJuly 1, 2025
Kepa Arrizabalaga
Uncategorized

Arsenal Signs Kepa from London Rival

by Evans Junior OwuJuly 1, 2025
Hamza Suhuyini Sayibu, President, GBA
General News

Why Hasn’t GBA Sued Over Chief Justice Suspension?

by Silas Kafui AssemJuly 1, 2025
President John Dramani Mahama
General News

Mahama Calls for National Unity, Moral Renewal at Muslims’ National Day of Prayer

by Evans Junior OwuJuly 1, 2025
Hubtel Dominates 2025 Digital Innovation Awards with Four Major Wins Celebrating
Banking

Hubtel Dominates 2025 Digital Innovation Awards with Four Major Wins Celebrating

by Stephen M.CJuly 1, 2025
Gas Flaring Waste
Extractives/Energy

Nigeria’s Gas Production Dips in May, Fuel Supply Drops to 62% 

by Prince AgyapongJuly 1, 2025
Communication Minister Engages MTN Over Data Price Glitch and Delays
Kepa Arrizabalaga
Hamza Suhuyini Sayibu, President, GBA
President John Dramani Mahama
Hubtel Dominates 2025 Digital Innovation Awards with Four Major Wins Celebrating
Gas Flaring Waste
[/vc_row_inner]

Recent News

  • Communication Minister Engages MTN Over Data Price Glitch and Delays
  • Arsenal Signs Kepa from London Rival
  • Why Hasn’t GBA Sued Over Chief Justice Suspension?
  • Mahama Calls for National Unity, Moral Renewal at Muslims’ National Day of Prayer
  • Hubtel Dominates 2025 Digital Innovation Awards with Four Major Wins Celebrating
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.