Gov’t targets GH₵58.9bn domestic revenue collection in 2019

The Minister of Finance, Ken Ofori-Atta has announced a revenue target of GH₵58.9 billion for the year 2019.

The figure represents 17.1 percent of the rebased GDP which stands at 256.7 billion Ghana Cedis for 2017.

Compared to the 2018 revised revenue and grants target of 50.68 billion Ghana Cedis, the 2019 target of 58.9 billion Ghana Cedis represents a 13.96 percentage increase.

Speaking on the floor of parliament Ken Ofori-Atta stated that of the targeted amount, non-oil Tax Revenue will constitute about 74.2 percent of domestic revenue and amount to GH₵42.9 billion.

He also added that Non-Tax Revenue, excluding oil, will amount to GH₵6.5 billion (1.9 percent of GDP) in 2019, equivalent to 11.3 percent of Total Domestic Revenue. Of this amount, GH₵4.4 billion is expected to be retained by institutions as internally generated funds (IGF).

Meanwhile receipts from upstream petroleum activities are projected at GH₵5.4 billion in 2019, equivalent to 1.6 percent of GDP, and representing 30.3 percent growth over the projected outturn for 2018.

Grants disbursements from Development Partners meanwhile are estimated at GH₵1.1 billion, up from the projected outturn of GH₵773.2 million in 2018.

Source: Citi Business News

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