GRA to monitor crypto transactions with new tax technology

The Ghana Revenue Authority (GRA) has announced plans to deploy advanced technology by the end of the year to track cryptocurrency transactions and ensure that traders in digital assets are captured within the country’s tax net.

Commissioner-General of the GRA, Anthony Kwasi Sarpong, disclosed that the system would allow the Authority to monitor gains made from cryptocurrency activities and enforce compliance with existing tax laws.

“One interesting area is crypto. It is evolving rapidly, and many individuals in Ghana are trading and making money from it. Our tax laws are clear. If you make a profit or gain, you are required to pay tax,” Mr Sarpong stated.

He explained that the GRA is working closely with the Securities and Exchange Commission and the Bank of Ghana to establish a robust regulatory framework while focusing on taxation.

According to him, the deployment of this technology will ensure that all crypto accounts are brought into focus, allowing the Authority to engage directly with traders to ensure compliance.

Mr Sarpong emphasised that the move is part of a broader strategy to align Ghana’s tax system with the demands of the growing digital economy.

“Digitisation is here to stay. The taxpayer of the future is digital. That is why we are preparing the GRA to be digitally ready today and in the future, so we can continue to deliver on our revenue mobilisation mandate,” he said.

The Commissioner-General further revealed that this focus on digital transactions extends beyond cryptocurrency to online business activity, where tax leakages remain a challenge.

“Today, VAT applies whether you buy in a physical shop or online. What we are doing is using technology to track online transactions at the point of payment. This will eliminate the current challenge of tracing sellers after the fact,” he explained.

The GRA intends to pilot the new system in September, with full-scale deployment expected before the end of the year.

Mr Sarpong stressed that the approach aligns with government policy under President John Mahama and the Finance Ministry, which prioritises efficient enforcement of existing taxes rather than introducing new ones.

“We already have sufficient tax measures under the law. Once properly implemented, they will deepen and expand the tax net without burdening taxpayers with additional levies,” he added.