VAT system to undergo significant reforms – Finance Minister assures businesses

Finance Minister Dr. Cassiel Ato Forson has announced plans to reform Ghana's value-added tax (VAT) system to improve domestic revenue collection.

Speaking at the National Economic Dialogue in Accra, he emphasized that urgent reforms are necessary to enable the Ghana Revenue Authority (GRA) to achieve its 200 billion cedis revenue target for 2025.

Dr. Forson highlighted that the current VAT regime is distorted, noting that while the GRA had aimed to raise VAT collection to 32% in 2024, it only managed 17%, a shortfall that has widened the revenue gap.

He stressed that low compliance and outdated practices must be addressed immediately.

Meanwhile, Chairman Dr. Ishmael Yamson affirmed that the forum will serve as a platform for private sector engagement on policy issues, supporting the government's broader economic reset agenda.