The Finance Minister, Dr. Mohammed Amin Adam, has revealed that13 vehicle assembly plants have been established in the country resulting in the production of about 4,700 vehicles.
Addressing Parliament during his first budget presentation since becoming Finance Minister in February 2024, Dr. Amin Adam said the government is committed to providing targeted support to the automotive industries.
“We aim to penetrate the sub-regional market through the AfCFTA framework and pursue local assembly of Electric Vehicles (EVs) in line with our Electric Vehicle Policy,” he added.
The Minister also revealed that the Ghana Revenue Authority (GRA) has exceeded its midyear revenue target by 0.2% this year.
Dr. Adam highlighted the government’s efforts to amend existing legislation to give effect to new revenue measures aimed at broadening the tax base and improving tax compliance.
“In the 2024 Budget, Government amended existing legislation to give effect to the revenue measures. These measures also aim to broaden the tax base and improve tax compliance for a more equitable and efficient revenue system,” he stated.
Despite not all measures being implemented in the first half of the year, the Minister indicated that GRA’s enhanced compliance and enforcement strategies played a crucial role in surpassing the midyear target.