Government to miss 2019 revenue target - Deputy Finance Minister

Government to miss 2019 revenue target - Deputy Finance Minister

- Deputy Finance Minister Kwaku Kwarteng has disclosed that government might miss its revenue target for 2019

- Government ended the first quarter of this year mobilizing a little over ¢10 billion which is about ¢2 billion short of its ¢12 billion target for the first three months of 2019

- Government projected to collect about ¢40 billion cedis in 2018 but missed out on this target by a little over 5%

The Finance Ministry has disclosed that government is likely to miss its annual revenue target of GHc57.7 billion.

The Deputy Finance Minister Kwaku Kwarteng has admitted that revenue mobilisation for 2019 is currently below target.

In the first quarter of 2019, the government only managed to mobilise a little over GHc10 billion.

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The above figure is about GHc2 billion short of the GHc12 billion target for the first three months of the year.

The Revenue targets we put into the 2019 budget statements were quite ambitious and it is because of the additional measures we rolled out in 2019,” the Deputy Finance Minister said, as quoted by Citibusinessnews.

We have been looking to get a return on those revenue measures and the broad strategies regarding revenue mobilization.

Mr. Kwarteng is, however, hopeful that the government’s introduction of the benchmark value will help reach the revenue target.

Now it looks like our targets have not been achieved so far, but that does not surprise us. At the end of the first quarter of 2019, we did deploy the benchmark policy.

“That was huge relief at the port and the expectation was that this will lead to the import of those things we need in order to give the kind of energy the economy needs in its expansion,” Mr. Kwarteng added.

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Meanwhile, the Institute of Fiscal Studies has urged government to desist from setting unrealistic revenue targets. earlier reported that at least six nursing students of the Koforidua Nursing and Midwifery Training College have been sacked.

The students were dismissed as a result of poor academic performances, while about 20 others were also repeated.

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