Q1 Revenue Falls to GH¢57.5bn
Ghana’s total government revenue and grants for the first quarter of 2026 amounted to GH¢57.531 billion, falling below the target of GH¢59.646 billion, according to the May 2026 Monetary Policy Report of the Bank of Ghana.
The outturn represented about 3.6% of Gross Domestic Product (GDP), compared with the projected 3.7% of GDP, reflecting revenue pressures across several key categories.
The report indicated that tax revenue, which remains the government’s main source of domestic revenue, amounted to GH¢47.884 billion, equivalent to 3.0% of GDP.
This was below the target of GH¢49.752 billion, representing a shortfall of approximately GH¢1.868 billion and a negative deviation of 0.1 percentage points from the programmed target.
Tax revenue comprises collections from taxes on income and property, domestic goods and services, international trade taxes, and oil and gas-related taxes.
The Bank of Ghana attributed the weaker-than-expected tax performance partly to the slow implementation of some revenue measures, particularly the VAT reforms, as well as lower-than-anticipated Cost, Insurance and Freight (CIF) values of imports, which affected customs-related revenue mobilisation.
Non-tax and oil revenue underperform
Non-tax revenue also recorded a significant shortfall during the period.
The government mobilised GH¢6.180 billion in non-tax revenue, compared with a target of GH¢7.512 billion, representing an underperformance of 17.7%.
The report explained that the lower performance was largely due to weaker receipts from dividends, interest income and profits from oil-related activities under the CAPI framework.
Oil and gas receipts recorded one of the largest declines, amounting to GH¢2.825 billion, significantly below the target of GH¢4.532 billion.
This represented a shortfall of 37.6%, driven by lower international crude oil prices, reduced production volumes from major oil fields and the impact of the cedi’s appreciation on oil-related revenues.
Other revenue exceeds expectations
Despite the broad revenue weaknesses, the government recorded strong performance under the “other revenue” category.
Other revenue amounted to GH¢3.466 billion, exceeding the target of GH¢2.025 billion by about 70%.
The Bank of Ghana noted that other revenue was the only major category that surpassed its programmed target during the quarter.
Grant inflows delayed
Grant receipts also recorded a shortfall during the period, mainly due to delays in project grant disbursements from development partners.
The Bank of Ghana explained that the overall revenue performance reflected challenges across most major sources, with the appreciation of the Ghana cedi also affecting some revenue streams, particularly those linked to foreign currency-denominated transactions.
The weaker first-quarter revenue outcome comes as government continues efforts to strengthen domestic revenue mobilisation, improve tax administration and implement reforms aimed at boosting fiscal sustainability.
