Total revenue & grants stood at GH¢144.5bn in July 2026, slightly below target – BoG

In July 2026, Ghana's total revenue and grants reached GH¢144.571 billion, which slightly fell short of the 9.1% of Gross Domestic Product (GDP) target of GH¢144.951 billion. The September 2026 Monetary Policy Report revealed that domestic revenue stood at GH¢143.522 billion (9.0% of GDP) in July 2026, below the GH¢143,630.9 million (9.0% of GDP) target. The underperformance was primarily attributed to marginal declines in tax revenue, oil revenue, and grants.

Tax revenue, which constituted 7.5% of GDP, lagged behind the 7.6% of GDP target by 0.8%. This deficiency was mainly due to lower-than-expected Dividend/Interest and Profits from Oil (CAPI), as well as the Yield from the Capping Policy. Oil revenue, amounting to GH¢6.290 billion, was below the GH¢9.064 billion target by 30.6%, but experienced a 6.3% year-on-year growth. Other Revenue, totaling GH¢8.950 billion, surpassed its GH¢5.174 billion target by 73%, marking a 117.9% increase compared to July 2025.

Grants for the January-July 2026 period amounted to GH¢1.049 billion, falling short of the GH¢1.320 billion target by 20.5%. This figure was 131.8% higher than the GH¢452.7 million received in the same period of 2025. The report highlighted that the underperformance in grants was primarily due to delays in project disbursements from development partners.