This figure is equivalent to 25.7 percent of the country’s Gross Domestic Product (GDP), and represents an annual growth of 14.5 percent, the country’s minister of finance, Ken Ofori-Atta has revealed today.
“Total revenue and grants for the 2017 fiscal year has been conservatively estimated at 51 billion GH¢ based on our projection of the level of economic activity in 2018, government policy on taxation, and donor grant disbursement.”
From this, Mr Ofori-Atta added that the government expects GH¢50.5 billion from domestic revenue, representing an annual growth of 26.9 percent.
While non-tax revenue is pegged at 8 billion cedis, equivalent to 3.3 percent of the GDP.
Of this amount, Internally Generating Fund (IGF) Institutions are expected to retain to get about 3.8 billion cedis .
He was quick to reveal that total money received from upstream petroleum activities in the same period under review, amounted to 3.2 billion, and estimated at 6.2 percent of Total Revenue and Grants.
“This is about 1.3 percent of GDP, and represents a per annum growth of 24.8 percent over the 2017 projected out-turn.”
“Revenue inflows from the Energy Sector Levies, specifically, the Energy Debt Recovery Levy, and the Price and Stabilization Levy, is estimated at 2.1 billion cedis. These inflows are reported for transparency purposes and are not intended for budget use,” according to him.
On Grants from development partners, the minister stated that, funds expected for projects in that area are estimated at GH¢586.8 million.
But he sated emphatic that the government is not expecting any programme grants from development partners.
Whilst stressing that: “It is important to note that, as a middle-income country, these donor resources will cease with time, emphasizing the urgent need to boost domestic revenue mobilization”.
African Eye Report