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Data from the Ghana Revenue Authority (GRA) indicates that the controversial Electronic Transfer Levy (e-levy) and Covid Recovery Levy missed their revenue targets for the year 2024.
Per the report, GRA was hoping to collect GH₵2.1 billion for e-levy in 2024, but it ended up realizing GH₵2 billion, indicating a marginal drop of GHS100 million.
Indeed, since its inception in 2022, amidst very loud and wide public criticism, e-levy has never been able to meet the over ambitious targets set for it. For instance, government set a target of GHS1.46 billion in the first two months, but realized only GHS93 million, which was a paltry 7% of the target.
E-levy has since been growing steadily, but it is still nowhere near the annual target of GHS6 billion the government bragged about.
For the COVID-19 Heath Recovery Levy (Flat Rate), the GRA targeted GH₵128 million but got GH₵86 million, which means it dropped GHS42 million, over 30%.
For the COVID-19 Heath Recovery Levy (Standard Rate), the GRA got GH₵2.7 billion as against GH₵4.2 billion, dropping a significant GHS1.5 billion.
Indeed, in the runup to the 2024 elections, the leading contenders, President John Mahama of the NDC, and the then Vice President Dr. Mahamudu Bawumia of the NPP, both promised to abolish e-levy. So now that John Mahama is president, Ghanaians are looking forward to him fulfilling that promise.
Overall Revenue Target Exceeded
Meanwhile, overall, the GRA exceeded its revenue target for 2024 by mobilizing GH₵153.5 billion, which is GH₵7.5 billion more than the GH₵145.9 billion targeted for the year. This represents a 5.3 percent increase.
The performance, according to the GRA, represents a nominal growth of 35.3 percent compared to 2023, and it also means GRA is now operating at a Tax to GDP Ratio of 17.0%, exceeding the target of 16.1%.
The addition of Sanitation Debt Recovery Levy, Energy Sector Debt, Sanitation and Pollution Levy, put the total revenue at GH₵157.9 billion.
The component of domestic revenue, which is powered by GITMIS from Axon Information Systems, grew by 31.6 percent, while Customs grew by 47.0 percent.
Most of the direct tax handles mobilized more than what was anticipated by the GRA.
For instance, the GRA was hoping to get GH₵30 billion from Corporate Tax. The authority however ended 2024 collecting GH₵38 billion.
Mineral Royalty brought in GH₵5.2 billion as against the target of GH₵3 billion.
Airport tax brought in GH₵1.6 as against a target of GH₵1.3 billion.
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