Ghana’s Total Revenue and Grants Fall to GH¢187 Billion in 2025

By Praisebell Rosemond Larbi

Ghana’s total Revenue and Grants for the first eleven months of 2025 amounted to GH¢187.870 billion, equivalent to approximately 13.4 percent of Gross Domestic Product (GDP), falling short of the target of GH¢201.372 billion, or 14.4 percent of GDP, according to the Bank of Ghana’s January 2026 Monetary Policy Report. The shortfall of 6.7 percent underscores ongoing challenges in domestic revenue mobilisation and external support inflows.

Domestic revenue for the period stood at GH¢186.569 billion, representing 13.3 percent of GDP, below the target of GH¢199.045 billion, or 14.2 percent of GDP. The outcomes reflected underperformance across key tax categories, oil and gas receipts, and grants, highlighting structural and administrative constraints in revenue collection.

Non-Oil Tax Revenue

Non-Oil Tax Revenue, which includes taxes on income and property, domestic goods and services, and international trade (excluding oil and gas taxes), totalled GH¢149.163 billion, or 10.7 percent of GDP. This figure was below the target of GH¢156.144 billion (11.2 percent of GDP), marking a 4.5 percent negative deviation from programmed expectations. The shortfall points to persistent revenue leakages in critical sectors and underscores the need for enhanced compliance and enforcement measures.

Oil Tax Revenue

Contrasting with the non-oil tax performance, Oil Tax Revenue reached GH¢22.197 billion, surpassing the target of GH¢16.922 billion by 31.2 percent. This strong outturn represents a 35 percent year-on-year growth relative to 2024, primarily driven by higher international oil prices, improved production levels, and enhanced reporting from upstream operators. Nevertheless, certain oil-related streams such as Dividend, Interest & Profits, as well as Fees and Charges, underperformed relative to programmed expectations, indicating room for improvement in overall revenue management.

Oil and Gas Receipts

Oil and Gas Receipts were estimated at GH¢5.918 billion, significantly below the target of GH¢16.514 billion by 64.2 percent and showing a year-on-year decline of 66.6 percent. This underperformance largely reflects delays in payments and lower-than-projected volumetric yields, which constrained government inflows from the sector.

Other Revenue

Other Revenue totalled GH¢9.290 billion, slightly below its target of GH¢9.465 billion by 1.9 percent, but represented a strong increase of 69.2 percent over the GH¢5.490 billion recorded in the same period of 2024, reflecting improved collections in miscellaneous and service-based government revenue streams.

Grants

Grants received during the first eleven months of 2025 amounted to GH¢1.300 billion, marking a shortfall of 44.1 percent from the programmed target of GH¢2.326 billion. This was also lower than the GH¢1.714 billion received in the corresponding period of 2024, representing a 24.1 percent year-on-year decline. The drop in external support highlights reduced donor engagement and emphasizes the increasing reliance on domestic revenue mobilisation to finance the government’s development agenda.

Overall, the 2025 Revenue and Grants performance underscores persistent challenges in achieving fiscal targets, particularly in non-oil tax administration, oil and gas receipts, and external grants. With domestic revenue comprising the bulk of government inflows, enhanced tax compliance, improved collection efficiency, and strategic engagement with development partners remain critical for fiscal sustainability and the effective funding of national development programmes.