By Mavis Paintsil
The Institute of Fiscal Studies (IFS) says the government’s revised total revenue and grants target of GH¢229.95 billion by the end of the year is likely not to be achieved.
The IFS has called for a reset of the country’s revenue mobilisation strategy by paying much attention to the extractive sector.
Speaking at a press conference on the assessment of the government’s mid-year fiscal policy review, Mr Leslie Dwight Mensah, a research fellow at IFS, said that inspite of economic performance showing improved signs of recovery and stabilisation, total revenue and grants underperformed in the first half of the year by GH¢3.24 billion.
The IFS noted that evidence over the past eight years had shown that raising revenue and grants to reach 16 per cent of GDP had been elusive.
That, it noted, could earn the country about US$4 billion annually through production sharing agreement.
According to him, to achieve the revised revenue target, the government must close this gap and simultaneously meet its original revenue target for the second half of the year, which will be difficult to achieve,” .
Mr Mensah noted that government had not revised downwards its revenue projections, neither had it introduced rigorous policies to shore up revenue except for the anticipated GH¢2.87 billion to be realised from the introduction of the GH¢1 petroleum Levy.
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