Revenue performance improves but below target, expenditure lines also below target – BoG

In the first-half of 2026, Ghana's government revenue performance improved but fell short of its targets. The July 2026 Monetary Policy Report by the Bank of Ghana revealed that total revenue and grants reached GH¢99.388 billion, which is approximately 6.2% of the country's Gross Domestic Product. This figure was 10.0% below the programmed target of GH¢110.412 billion, or 6.9% of GDP.

The underperformance was mainly due to a lackluster performance across most revenue lines, except for "Other Revenue," Income and Property Taxes, and Domestic VAT and Excise Duty. Despite this, the revenue showed a year-on-year growth of 16.1% compared to the same period last year.

Both tax and non-tax revenue failed to meet their respective targets for the review period. Tax revenue amounted to GH¢97.577 billion, or 6.1% of GDP, falling 10.1% short of its target. Similarly, non-tax revenue was recorded at GH¢1.590 billion, or 0.1% of GDP, which was 13.0% below its target. Both revenue types exhibited year-on-year growths of 25.9% and 13.2%, respectively.

On the expenditure side, all lines were below their targets. The total expenditure reached GH¢109.376 billion, or 6.8% of GDP, which was 24.9% below the programmed target of GH¢145.731 billion, or 9.1% of GDP. However, it experienced a modest year-on-year increase of 2.3%. Domestic and external interest payments fell short of their targets by 17.1% and 71.4%, respectively.

Discretionary payments were 35.6% below target, largely attributed to a decline in capital expenditure. Statutory and discretionary payments made up 67.9% and 32.1% of the total expenditure, respectively.