The World Bank has projected that Ghana could gain additional revenue equivalent to at least 0.6 percent of GDP in 2025 if the government fully implements the revenue measures outlined in the 2025 budget.
According to the World Bank’s latest Ghana Economic Update report, the projected increase is in line with the targets of the IMF-supported Extended Credit Facility (ECF) programme.
Speaking at the launch of the report in Accra, World Bank Country Director Robert Taliercio said full enforcement of the tax exemption law and the creation of a comprehensive tax expenditure register will enhance transparency and accountability in the country’s revenue mobilisation.
The World Bank also urged the government to strengthen the Ghana Revenue Authority’s capacity to roll out the Integrated Tax Administration System and conduct risk-based audits to improve tax compliance.
In addition, it called for the full adoption of Public Financial Management (PFM) systems such as the Ghana Integrated Financial Management Information System (GIFMIS) and the Ghana Electronic Procurement System (GHANEPS) across all ministries, departments, and agencies (MDAs) and metropolitan, municipal, and district assemblies (MMDAs).
It also recommended integrating all spending accounts into the Treasury Single Account to enhance transparency, efficiency, and expenditure control.
“Improving tax administration, broadening the tax base, and strengthening public financial management will be critical to achieving sustainable fiscal consolidation,” the report noted.
Source: Myjoyonline