Finance Minister-Designate Outlines Plan to Raise Tax-to-GDP Ratio to 16%
Dr. Cassiel Ato Forson, the Finance Minister-designate, has pledged to raise revenue by improving tax compliance rather than increasing taxes.
Speaking during his vetting before the Appointments Committee of Parliament, Dr. Forson emphasised collaboration with the Ghana Revenue Authority (GRA) to enhance tax collection systems and improve efficiency.
“We don’t necessarily need to increase taxes to rake in revenue, we have the handles, and I will work with the GRA to ensure we take in the needed revenue by increasing compliance,” he stated.
Dr. Forson expressed optimism that this strategy could boost Ghana’s tax-to-GDP ratio from the current 13% to 16%, contributing significantly to national development objectives.
He also reaffirmed his commitment to easing the tax burden on Ghanaians by reviewing and potentially scrapping certain taxes deemed unnecessary, ensuring a fairer system that fosters economic growth.
The Finance Minister-designate underscored the importance of balancing revenue mobilisation efforts with creating a conducive environment for businesses and economic activity.
Dr. Forson’s approach, focused on compliance and fairness, seeks to address fiscal challenges while promoting sustainable economic growth and reducing taxpayer hardship.
