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Revenue targets may be too optimistic — Ofori-Atta explains GH¢5 billion shortfall

The Finance Minister Ken Ofori-Atta has described the government’s revenue target set over the past four years as somewhat over-ambitious given that tax compliance has generally not performed beyond expectations.

The government’s revenue target for July 2019 fell short by GHS5 billion; prompting concerns from the International Monetary Fund (IMF) that the government needs to enhance revenue collection or it may have to cut its spending to keep the deficit in check.

Mr Ofori-Atta said that among the reasons for the revenue shortfalls is the fact more people are not paying the right taxes and as a result, the set targets appear overly ambitious.

“We are in tough times. Maybe you and I are not paying the taxes we should be paying; maybe I was too optimistic with regards to my revenue projections. Be that as it may, I think revenue has gone up on average between 15-20 percent each year since 2017.

Even in these doldrums, we are up by 11 percent compared to last year. But we are certainly missing our targets and we need to do something about that. That is clear to all of us especially the new leadership that we have brought to the GRA. We’re truly expecting great things from the people we have put in place,” he said.

by: Naa Anyema

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