Revenue Archives - Wontumi Online

05 Jun

Ghana’s Fiscal Adjustment Underway, Quarter 1 Data Shows – Report

wontumionlineBusinessExpenditure, fiscal adjustment, Fiscal deficit, IC Securities, Primary balance, Revenue

A lower-than-targeted primary deficit indicates that Ghana’s fiscal adjustment is underway, IC Research, the analytical arm of IC Securities has stated. The country recorded a primary deficit of ¢596 million (0.1% of Gross Domestic Product) in the first quarter of 2023, against the target deficit of ¢4.6 billion (0.6 percent of GDP). According to IC Research, fiscal adjustment is underway, with the help of expenditure containment. The revenue and expenditure dynamics revealed that the fiscal adjustment in quarter one of 2023 was largely driven by expenditure controls instead of the revenue-based consolidation envisaged in the 2023 budget. The Treasury’s budget…

GRA Monitoring Team Recovers Over ¢85M Revenue Shortfall

wontumionlineBusinessGRA, Monitoring team, Revenue

The Ghana Revenue Authority (GRA) monitoring team has recovered more than ¢85 million revenue shortfall from businesses for the state within the first five months of 2023. The aggressiveness of the monitoring team divided into groups significantly impacted revenue mobilisation between October 2022 and February 2023. Four teams were inaugurated in October 2022 to undertake risk-based and intelligence driven operations across the country. The teams which are grouped as Tema, Eastern Frontier based at Dabala, Western Frontier based in Kumasi and Vehicle Taskforce which operates nationwide have also arrested some unaccustomed goods. They also carried out other related assignments which…

2023 Budget Will Boost Revenue But Expenditure Estimate Is Not Realistic – Fitch Solutions

wontumionlineBusinessExpenditure, Fitch solutions, Minister of Finance, Revenue, VAT

Research and market information firm, Fitch Solutions, expects Ghana’s revenue collection to improve significantly in 2023 on the back of an increase in the Value Added Tax (VAT) rate and other tax measures. However, it is worried the expenditure estimate for next year is well above its 2022 target, despite its weak fiscal position. Speaking on the outlook of the Ghanaian economy for 2023, a Senior Country Risk Analyst at Fitch Solutions, Mike Kruninger, expressed worry that the 2022 Budget was expansionary rather than contractionary and failed to address the weak economic fundamentals. “Minister of Finance, Ken Ofori Atta, presented…