The Ghana Extractive Industries Transparency Initiative (GHEITI) recently launched a report analysing the resulting revenue impact of some fiscal reforms recommended to government.
With a total cumulative revenue of Ghs 10.6 billion ($4.2 billion) realised from Ghana’s extractive sector for the period between 2004 and 2018, GHEITI in the report stated that on average, the revenue realised for the period was Ghs 706 million ($280 million).
This, when compared to the average revenue of Ghs 46.3 million ($51.4 million) realised in 2004/2005, represents a 15 times increment in extractive sector revenue for government.
Chief among the fiscal reforms recommended to government, GHEITI notes in the report include the increment of corporate taxes from 25 per cent to 35 per cent and the mandatory 5 per cent royalty rate from a previous 3 per cent rate.
Other inspired-GHEITI fiscal reforms were also carried out in the area of property tax, ground rent, license fees, dividends and other miscellaneous additions.
Below are details of the report:
Final Report_revenue Impact of Gheiti_020321 by Fuaad Dodoo on Scribd
