World Bank: Ghana’s Path to 0.6% GDP Revenue Boost Through 2025 Budget Enforcement
Ghana stands on the cusp of a significant financial uplift, with the World Bank projecting a potential additional revenue equivalent to at least 0.6% of its Gross Domestic Product (GDP) in 2025. This promising forecast is contingent on the government’s rigorous and complete implementation of the revenue-generating strategies detailed in its 2025 national budget. The World Bank, in its latest Ghana Economic Update report, highlighted that achieving this fiscal milestone would also align the nation with the targets set under the IMF-supported Extended Credit Facility (ECF) programme, underscoring the critical importance of these measures for the country’s economic stability and growth trajectory.
Unlocking Revenue: World Bank’s Prescriptions for Ghana
Speaking at the launch event for the report in Accra, Robert Taliercio, the World Bank Country Director, elaborated on key areas requiring immediate attention. He emphasized that the full enforcement of the existing tax exemption law, alongside the establishment of a comprehensive tax expenditure register, would be pivotal. These steps are crucial not only for plugging revenue leakages but also for fostering greater transparency and accountability across Ghana’s revenue mobilization landscape. Furthermore, the World Bank strongly urged the Ghanaian government to bolster the operational capacity of the Ghana Revenue Authority (GRA). This enhancement is essential for the effective rollout of the Integrated Tax Administration System, a modern technological framework designed to streamline tax processes. Coupled with this, the GRA should conduct more sophisticated risk-based audits, a strategy expected to significantly improve overall tax compliance rates among individuals and businesses, ultimately contributing to the targeted revenue gain. These strategic interventions underscore a clear path for Ghana to unlock substantial financial resources, bolstering its economic resilience and development efforts.
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Related Keywords: World Bank 2025 budget, GDP revenue gain, fiscal measures 2025, economic growth forecast, budget enforcement, government revenue strategies, World Bank economic outlook, GDP impact measures, fiscal policy reform, 2025 budget implementation
