Ato Forson Calls for Stronger Revenue Mobilisation to Tackle Ghana’s Debt Crisis

Finance Minister Dr. Cassiel Ato Baah Forson has called on the Ghana Revenue Authority (GRA) to ramp up its efforts in domestic revenue mobilisation in a bid to reverse the country’s persistent debt challenges.

During a working visit to the GRA on Thursday, January 23, 2025, Dr. Forson stressed the importance of innovative measures to increase compliance and raise more funds domestically, as Ghana is currently locked out of the international capital markets.

The Minister, accompanied by other key officials including Mr. Fiifi Fiavi Kwetey, General Secretary of the National Democratic Congress (NDC), and Ms. Eva Esselba Mends, Chief Director of the Ministry of Finance, outlined the urgency of boosting revenue collection.

“We don’t have access to the Eurobond market, we don’t have access to even commercial bank loans, and we don’t have access to the domestic bond market.

The only access we have is through T-bills or multilateral loans. So, revenue is so critical,” he explained, underscoring the need to shift focus toward domestic resource mobilisation instead of relying on borrowing.

Dr. Forson applauded GRA for exceeding its revenue target in 2024 but urged the Authority to go further in 2025, emphasizing that the country’s debt situation necessitates reduced borrowing.

“This year, you have to exceed your target in such a way that we will do less borrowing because the space is not there,” he added.

As part of the push to increase revenue, the Minister highlighted the importance of expanding the country’s tax base, specifically calling on the GRA’s Customs Division to contribute more to the national revenue stream.

He set a target for an additional 0.6 percent of Ghana’s Gross Domestic Product (GDP) to be raised through taxes in 2025.

Fiifi Fiavi Kwetey, former Deputy Minister of Finance, also emphasized the critical role of revenue mobilisation in sustaining the country’s development.

He described revenue as the “lifeline” of any nation and stressed the need for greater coordination between all revenue agencies to meet the government’s development obligations to its citizens.

Kwetey assured the GRA of the government’s full support in helping them achieve their goals.

Mr. Anthony Kwasi Sarpong, the Acting Commissioner-General of GRA, acknowledged the challenges ahead but committed to using a people-centred approach to meet the revenue targets.

He emphasized teamwork and a focus on the welfare of the people as keys to success.

By working together, Sarpong believes that GRA will be able to raise the necessary funds to support the country’s development, ensuring benefits for Ghanaians for generations to come.