THE Institute of Fiscal Studies (IFS) has identified low revenue generation from the extractive sector, revenue leakages and excessive tax exemptions to attract investors as major factors undermining Ghana’s domestic revenue mobilisation efforts.
It said the country’s inability to mobilise adequate revenue had constrained infrastructure development and socio-economic growth, thereby limiting its capacity to finance national development.
According to an IFS policy brief, Ghana ranked 18th out of 25 Sub-Saharan African countries in revenue mobilisation, based on the ratio of total revenue and grants to Gross Domestic Product (GDP).
Presenting the policy brief in Accra yesterday, the Executive Director of IFS, Dr Said Boakye, expressed concern about the country’s poor ranking, saying Ghana could have mobilised significantly more revenue if it had performed better.
He said in 2022, the government collected GH¢96.6 billion in total revenue and grants, representing 15.7 per cent of GDP and equivalent to US$11.68 billion. Read More.
BY HILDA NSAMI
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