\n
Government ended the first four months of the year missing out on its revenue target, latest fiscal data covering government\u2019s financial operations ending April 2017 has revealed.<\/p>\n
According to the data,\u00a0the state got GHC10 billion\u00a0from domestic revenue as against the GHC12 billion\u00a0target.\u00a0<\/p>\n
However, when grants are added to the total revenue,\u00a0government\u00a0also realised GHC11 billion which is still below what it has programmed for. This was still short of the GHC13.2 billion\u00a0it was hoping to realise.\u00a0<\/p>\n
<\/p>\n
A careful look at the fiscal data showed that government missed out on meeting the target set for most of the various tax types. For instance, the state was hoping to get GHC10 billion\u00a0in tax revenue but actually got GHC8.7 billion.\u00a0\u00a0<\/p>\n
The Finance Ministry was projecting GHC1.7 billion\u00a0from company taxes, but it was just able to gross GHC1.3 billion.\u00a0\u00a0<\/p>\n
Mining royalties and airport tax were some of the few tax types that were able to gross more than what was programmed in the 2017 budget.<\/p>\n
Reactions to revenue performance<\/b>\u00a0<\/p>\n
An economist with the Institute of Fiscal Studies, Leslie Dwight-Mensah told JOYBUSINESS the challenge with the revenue numbers had nothing to do with recent tax cuts.<\/p>\n
\u201cThis is because the necessary amendments to the tax cuts announced by Finance Minister were implemented from April and this data is from January to April this year,\u201d he said.\u00a0<\/p>\n
He, however, maintained that the performance of the economy for last year is still impacting on the operations businesses in the country as well as over optimism on the part of\u00a0government\u00a0of revenue target.\u00a0<\/p>\n
Dwight-Mensah\u00a0maintained that there might be the need to review some of the tax exemptions granted businesses to help make up for these shortfalls.<\/p>\n
Government\u2018s expenditure for\u00a04 months of 2017<\/b><\/p>\n
On the brighter\u00a0side, there was something to smile about, as\u00a0government\u00a0was keeping expenses under control. Although it planned to spend almost GHC17 billion, it actually spent GHC13.4 billion\u00a0by the end of April.\u00a0<\/p>\n
This was due to savings made in controlling the wage bill; government programmed to spend some GHC5.2 billion\u00a0as total compensation for public sector workers but actually spent just GHC5 billion.\u00a0<\/p>\n
Expenditure on goods and services reached GHC146 million instead as against a programmed target of GHC792 million.\u00a0\u00a0<\/p>\n
Overall balance stood at the end of April stood GHC3 billion, compared to the GHC4.4 billion\u00a0programmed. This was even below the budget deficit that was programmed by\u00a0government\u00a0for the first four months of this year.\u00a0\u00a0<\/p>\n
Response from Government and Ghana Revenue Authority<\/b><\/p>\n
According to persons close to\u00a0government\u00a0some measures being instituted would help improve the revenue from next month.\u00a0<\/p>\n
JOYBUSINESS understands\u00a0revenue numbers for May and even June is still below target or what was programmed.\u00a0<\/p>\n
But officials at the Ghana Revenue Authority (GRA) have also told JOYBUSINESS that, the revenue is sometimes not good in first half of the year, but actually improve from the second half of the second.\u00a0<\/p>\n
Some of them have also maintained that a lot of businesses are yet to appreciate and connect with the new government in terms of policy and appreciate how they are planning to stabilise and manage the economy<\/p>\n
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\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Government ended the first four months of the year missing out on its revenue target, latest fiscal data covering government\u2019s financial operations ending April 2017 has revealed. According to the data,\u00a0the state got GHC10 billion\u00a0from domestic revenue as against the GHC12 billion\u00a0target.\u00a0 However, when grants are added to the total revenue,\u00a0government\u00a0also realised GHC11 billion which […]<\/p>\n","protected":false},"author":0,"featured_media":407161,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-407160","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
Gov't struggles to meet revenue target for first 4 months of 2017 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/07\/30\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Gov't struggles to meet revenue target for first 4 months of 2017 - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Government ended the first four months of the year missing out on its revenue target, latest fiscal data covering government\u2019s financial operations ending April 2017 has revealed. According to the data,\u00a0the state got GHC10 billion\u00a0from domestic revenue as against the GHC12 billion\u00a0target.\u00a0 However, when grants are added to the total revenue,\u00a0government\u00a0also realised GHC11 billion which […]\" \/>\n<meta name=\"twitter:creator\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:site\" content=\"@ghanamma\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Gov’t struggles to meet revenue target for first 4 months of 2017\",\"datePublished\":\"2017-07-30T19:14:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/\"},\"wordCount\":537,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"articleSection\":[\"Business\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/\",\"name\":\"Gov't struggles to meet revenue target for first 4 months of 2017 - Ghanamma.com\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2017-07-30T19:14:45+00:00\",\"author\":{\"@id\":\"\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/07\\\/30\\\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/#website\",\"url\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/\",\"name\":\"Ghanamma.com\",\"description\":\"News In Ghana - Latest Ghana News Headlines\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.ghanamma.com\\\/2017\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gov't struggles to meet revenue target for first 4 months of 2017 - Ghanamma.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.ghanamma.com\/2017\/07\/30\/govt-struggles-to-meet-revenue-target-for-first-4-months-of-2017\/","twitter_card":"summary_large_image","twitter_title":"Gov't struggles to meet revenue target for first 4 months of 2017 - Ghanamma.com","twitter_description":"Government ended the first four months of the year missing out on its revenue target, latest fiscal data covering government\u2019s financial operations ending April 2017 has revealed. 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