Total Revenue Dips to GH¢224bn in 2025
The Bank of Ghana’s March 2026 Monetary Policy Report has revealed that Total Revenue and Grants for 2025 amounted to GH¢224.883 billion, representing 16.1% of Gross Domestic Product (GDP). This figure fell short of the target of GH¢229.949.7 billion (16.4% of GDP).
Domestic revenue for the period also underperformed, recording GH¢223.059 billion (15.9% of GDP) against a target of GH¢227.275 billion (16.2% of GDP). The shortfall was driven mainly by weaker performance in tax revenue, oil and gas receipts, and grants.
Tax revenue, which includes taxes on income and property, domestic goods and services, international trade taxes, and oil and gas-related taxes, stood at GH¢183.987 billion (13.1% of GDP), below the projected GH¢189.964 billion (13.6% of GDP). This reflected a 3.1% deviation from target, pointing to continued revenue leakages.
Non-tax revenue, however, performed above expectations, reaching GH¢27.870 billion compared to a target of GH¢26.548 billion, representing a 5.0% surplus. This also marked a year-on-year growth of 0.5%.
Oil and gas receipts significantly underperformed, recording GH¢8.711 billion against a target of GH¢16.514 billion, a shortfall of 47.3% and a year-on-year decline of 56.1%.
Other revenue sources totalled GH¢10.335 billion, exceeding the target of GH¢9.568 billion by 8.0%. This represents a strong year-on-year increase of 109.7% compared to 2024.
Grants for the period amounted to GH¢1.824 billion, below the programmed target of GH¢2.674 billion, reflecting a 31.8% shortfall. However, this was slightly higher than the GH¢1.715 billion recorded in 2024, indicating a year-on-year growth of 6.3%.
On the expenditure side, total expenditure and net lending stood at GH¢233.778 billion, below the target of GH¢269.496 billion.
Compensation of employees reached GH¢78.970 billion, above the target of GH¢76.203 billion, reflecting a 3.65% overshoot and a 17.5% year-on-year increase. This accounted for 35.4% of domestic revenue mobilised during the period.
Expenditure on goods and services amounted to GH¢6.089 billion, below the target of GH¢6.671 billion, representing an 8.7% reduction and a significant year-on-year decline of 47.1% compared to 2024.
Interest payments totalled GH¢49.891 billion, higher than the planned figure of GH¢46.792 billion and also above the 2024 outturn, reflecting a 6.6% increase.
According to the report, the improved fiscal position was driven by stronger revenue performance in some areas and deliberate expenditure restraint. Government spending cuts more than offset revenue shortfalls, contributing to improved fiscal outcomes.
The fiscal deficit for 2025 was recorded at 1.0% of GDP, below the target of 2.8%, while the primary balance posted a surplus of 2.6% of GDP, exceeding the projected surplus of 1.5%.
