Total revenue & grants stood at GH¢144.5bn in July 2026, lower than targeted amount – BoG

In July 2026, Ghana's total revenue and grants amounted to GH¢144.571 billion, which fell short of the 9.1% of GDP target at GH¢144.951 billion. The Monetary Policy Report for September 2026 revealed that domestic revenue collected was GH¢143.522 billion, or 9.0% of GDP, below the target of GH¢143,630.9 million (9.0% of GDP). The report attributed the shortfall to lower-than-expected tax revenue, oil revenue, and grants.

Tax revenue, which includes income and property taxes, domestic goods and services taxes, international trade taxes, and oil and gas-related taxes, was GH¢120.008 billion (7.5% of GDP), falling below the 7.6% of GDP target by 0.8%. Non-tax revenue, at GH¢14.562 billion, was also below the 7.6% of GDP target by 12.2%. This performance was slightly up year-on-year, growing by 1.0% compared to 2025.

Oil revenue came in at GH¢6.290 billion, 30.6% below the GH¢9.064 billion target. This was due to lower-than-programmed Dividend/Interest and Profits from Oil (CAPI) and the Yield from the Capping Policy, which contributed to the overall underperformance. Other revenue, however, exceeded expectations, coming in at GH¢8.950 billion, a 73% increase from the 2025 period.

Grants received for the January-July 2026 period totaled GH¢1.049 billion, 20.5% below the programmed target of GH¢1.320 billion. This figure was also up 131.8% compared to the same period in 2025. The shortfall in revenue performance was largely driven by undershooting targets in corporate income tax due to higher payments from major mining companies and mineral royalties, and a shortfall in petroleum sector revenue. The delays in project disbursements from development partners also contributed to the underperformance.