World Bank Report highlights key areas to boost Ghana’s Revenue Mobilization
The World Bank, in its 8th Economic Update for Ghana, titled “Strengthening Domestic Revenue Systems for Fiscal Sustainability,” has identified critical areas where Ghana can improve its domestic revenue mobilization. The report, presented by Stefano Ciurto, Lead Economist for the World Bank in Ghana, Liberia, and Sierra Leone, emphasizes the need for reforms in Personal Income Tax, VAT and Excise Duty, Corporate Income Tax, and Tax Expenditures and Rationalization. The report highlights significant issues within the Personal Income Tax (PIT) framework, pointing out that complex tax administration and inadequate enforcement have resulted in low compliance. Revenue growth has not kept...
