Ghana’s total revenue and grants reached GH¢144.571 billion in the first seven months of 2026, just below the government’s target of GH¢144.951 billion. The figure amounted to about 9.1% of Gross Domestic Product, according to the September 2026 Monetary Policy Report.
Domestic revenue, which made up the bulk of the total, was GH¢143.522 billion or 9.0% of GDP, slightly under the target of GH¢143.631 billion. The report identified tax revenue, oil revenue, and grants as the main sources that fell short of expectations.
Tax revenue totalled GH¢120.008 billion, accounting for 7.5% of GDP, against a target of GH¢121.033 billion (7.6% of GDP). This was a 0.8% shortfall. Non-tax revenue came in at GH¢14.562 billion, missing its GH¢16.590 billion target by 12.2%. This figure showed a 1.0% increase from the same period in 2025 but was primarily affected by lower-than-expected dividends, interest, and profits from oil.
Oil revenue was the most significant gap, reaching GH¢6.290 billion against a target of GH¢9.064 billion. This 30.6% deficit contrasted with a 6.3% year-on-year increase from 2025. Other revenue, however, exceeded expectations at GH¢8.950 billion, surpassing its GH¢5.174 billion target by 73%, and rising 117.9% compared to GH¢4.106 billion collected in 2025.
Grants received during the period totalled GH¢1.049 billion, 20.5% below the GH¢1.320 billion target. Despite the shortfall, this was a 131.8% increase over the GH¢452.7 million received in the same months of 2025. The report attributed the grants shortfall to delays in project disbursements from development partners.
Within tax revenue, corporate income tax exceeded targets by 21.7%, driven by higher payments from major mining companies and growth in banking sector revenue. The rise in mineral royalties reflected the increase in average gold prices above US$4,000 per fine ounce, which triggered a higher royalty rate for taxpayers.
Shortfalls were noted in import sector revenues due to undershooting CIF targets and underperformance in petroleum sector taxes. The report linked these gaps to lower-than-programmed collections across various streams.
The revenue figures suggest a mixed performance where gains in corporate income tax and mineral royalties offset weaknesses in import and petroleum sectors. The shortfall in grants points to continuing challenges in development partner disbursements.
As Ghana closes the first half of 2026 with revenues just shy of projections, the fiscal landscape reveals pressures on key sources while some sectors manage growth.
According to Joy Online.
