Domestic VAT collections rise 11.5% in July as retail sales decline 1.5%
Consumer spending, proxied by domestic VAT collections and retail sales, posted a mixed performance in July 2026, compared with the corresponding period in 2025, the September 2026 Monetary Policy Report. Domestic VAT collections increased by 11.5% on a year-on year basis to GH¢2.142 billion, from GH¢1.922 billion. Cumulatively, total domestic VAT for the first seven […]
In July 2026, domestic VAT collections saw an 11.5% year-on-year rise, reaching GH¢2.142 billion, according to the September 2026 Monetary Policy Report. Despite this increase, retail sales faced a 1.5% year-on-year decline, falling to GH¢236.41 million from GH¢239.89 million. On a month-to-month basis, retail sales decreased by 0.8% to GH¢238.25 million from the previous month's GH¢238.25 million. Cumulatively, retail sales for the first seven months of 2026 rose by 2.2% compared to the same period in 2025.
The manufacturing sector demonstrated improvement in July 2026, with direct taxes collected increasing by 53.5% year-on-year to GH¢8.085 billion. Cumulatively, direct taxes for the first seven months of 2026 surged by 27.7% to GH¢60.771 billion, up from GH¢47.592 billion for the same period in 2025. Private sector workers' contributions to the SSNIT Pension Scheme also grew by 11.2% year-on-year to GH¢570.59 million in July 2026, compared to GH¢513.34 million in the corresponding period of 2025.
Cumulatively, these contributions increased by 10.7% for the first seven months of 2026, reaching GH¢3.856 billion, up from GH¢3.482 billion in the same period of 2025.
The construction sector witnessed a 4.9% year-on-year decline in July 2026, with cement sales dropping to 202,218.17 tonnes from 212,735.33 tonnes a year ago. On a month-to-month basis, cement sales decreased by 0.6% to 203,435.35 tonnes in July 2026, compared to 203,435.35 tonnes in June 2026. Cumulatively, cement sales for the first seven months of 2026 fell by 10.3% to 1,475,115.01 tonnes, down from 1,644,413.19 tonnes in the same period of 2025.
Transport sector activities improved in July 2026, with vehicle registrations increasing by 51.7% to 31,909 vehicles, up from 21,038 registered during the same period in 2025. Cumulatively, vehicles registered by the DVLA in the first seven months of 2026 increased by 52.7% to 228,261, from 149,440 in the corresponding period of 2025.
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