The sharp rebound of the cedi has eroded Ghana’s government revenues by nearly 30%, the Ghana Revenue Authority (GRA) has disclosed. Commissioner-General Anthony Kwasi Sarpong explained that the appreciation of the local currency—from GH¢15 to about GH¢10.5 to the US dollar within three months—has led to steep declines in cedi-denominated collections, especially from port duties and extractive sector taxes.
“If you look at the duties at the port, they are denominated in foreign currency, mostly in USD. Once the exchange rate dropped from 15 to about 10.5, that’s a 30% sharp drop in cedi terms. In just three months, what comes to you falls by 30%,” Mr. Sarpong told JoyNews’ PM Express Business Edition, sighted by Accra Street Journal
Sectors such as oil, gas, and mining, which remit taxes in dollars, have also been affected. “Once you lose 30% from the rate point of view, you are immediately hit with a 30% drop in cedi terms,” he added.
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Short-Term Pain, Long-Term Gain
Despite the setback according to Accra Business News, the GRA expects revenues to recover as cheaper imports stimulate trade. “Because the rates are lower, importers can import more. As they restock, collections will rise, and we will regain those taxes,” Mr. Sarpong said.
Expanding the Tax Base
To cushion the fiscal impact, the GRA is pushing reforms, especially targeting Micro, Small and Medium Enterprises (MSMEs). A new modified tax regime will require MSMEs with annual turnover of GH¢200,000 to pay about 3% in taxes—roughly GH¢3,000 to GH¢5,000 per year. With over 5 million MSMEs nationwide, the GRA aims to bring at least 2 million into the tax net, generating nearly GH¢10 billion annually.
Digitalisation is also at the heart of the reform. New systems will allow the GRA to tax online transactions directly at the point of payment before the end of 2025. Sarpong described the initiative as a “game changer”, adding that nationwide education campaigns will support compliance.
“For us, data and technology is the way to go. This is the future of the taxpayer, and we must be future ready now and into the future,” he stressed.
While the cedi’s appreciation has temporarily reduced tax revenues, the GRA is banking on higher import volumes, MSME reforms, and digital compliance tools to restore momentum and safeguard fiscal stability in the coming months.
Source: Accra Business News
Last Updated on March 9, 2026 by Samuel Kwame Boadu
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Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.
