GRA exceeds 2024 mid-year revenue target of GHC67.9 billion

The Ghana Revenue Authority (GRA) has announced that it exceeded its mid-year revenue target for 2024 by 0.2%.

As of 30 June 2024, the GRA had collected GHC68.49 billion, surpassing its target of GHC67.9 billion.

At a media briefing in Accra on Wednesday (17 June), the commissioner general of GRA Julie Essiam expressed pride in the Authority’s performance.

“With the commitment of our outstanding staff, I’m happy to announce that as of June this year, the GRA collected a total of GHC68.49 billion against a half-year budget of GHC67.9 billion, thereby exceeding the cumulative mid-year target by GH¢138.6 million, which represents a 0.2% increase,” Essiam announced.

This target represents a 29.1% increase over the GHC113.06 billion collected in the 2023 fiscal year.

For the 2024 fiscal year, the GRA was tasked to collect GHC145.99 billion.

The commissioner general said this achievement marks a nominal growth of 37.60% over the same period last year.

Particularly notable was the performance in June, where the GRA exceeded the revenue target by an impressive 21.2%, contributing significantly to the overall positive half-year performance.

Essiam acknowledged the challenges faced in the first quarter of the year.

“The devoted staff of the Ghana Revenue Authority outperformed and exceeded the revenue target by an exceptional 21.2% in June, a significant increase in a single month,” she said.

“All of this was achieved against the headwinds of a very difficult first quarter. This is a testament to the commitment, resilience, and overall dedication of our staff.”

Breaking down the monthly performance, Essiam detailed that January fell below target by 12.3%, February by 6.3%, and March by 12.7%. However, a rebound began in April with a 1.9% excess over target, followed by 1.4% in May and culminating in the 21.2% increase in June.

“The outstanding performance in June supported the turnaround, leading to a positive half-year performance of 0.2% of the total half-year budget,” she noted.

Essiam concluded by noting the new top management team’s awareness of the challenges posed by an election year and the headwinds such a period entails. “We came on board in April of this year very much aware of the impact of an election year and acknowledged the headwinds that trend such a period, which we all know.”

Reporting by Nana Oye Ankrah in Accra

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