Boosting revenue : Revenue Assurance and Compliance Enforcement established – Finance Minister
As part of efforts to increase the country’s tax revenues, the Ministry of Finance has created revenue assurance and enforcement (RACE).
RACE’s competence is to identify and eliminate revenue leakage in areas such as oil bunkering, gold and mineral exports, port operations, transit goods, warehousing, border control and free zone operations, to name a few.
Minister of Finance Ken Ofori-Ata, presenting the average annual review of the report on the budget and economic policy, said: “our focus on taxes is to collect what is due to the Republic [Ghana]. To this end, we are building a solid framework for expanding the mobilization of domestic revenues to focus on compliance and enforcement across the country. “
According to provisional fiscal data for January to June 2021, total revenues and grants amounted to 28.3 billion yen, equivalent to 6.5% of gross domestic product, with a target of 32.4 billion yen or 7.5 % of GDP.
Over the same period, total expenditure, including the repayment of arrears, amounted to ,650.6 billion вален, equivalent to 11.7% of GDP, with a projected target of .1 55.1 billion Or, or 12.7% of GDP.