Ghana’s total revenue and grants for 2025 reached GH¢224.883 billion, representing 16.1% of Gross Domestic Product (GDP), according to the March 2026 Monetary Policy Report by the Bank of Ghana. The figure fell short of the target of GH¢229.949.7 billion (16.4% of GDP).
Domestic revenue also underperformed, coming in at GH¢223.059 billion (15.9% of GDP) compared to the projected GH¢227.275 billion (16.2% of GDP). This was largely due to weaker-than-expected performance in tax revenue, oil and gas receipts, and grants.
Tax revenue—which includes income and property taxes, 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 target of GH¢189.964 billion (13.6% of GDP). This reflects a 3.1% shortfall, raising concerns about persistent revenue leakages.
Non-tax revenue, however, performed better than expected, reaching GH¢27.870 billion against a target of GH¢26.548 billion, a 5.0% overperformance. It also showed modest year-on-year growth of 0.5%, though it was impacted by lower-than-expected dividend and interest earnings, particularly from oil-related sources.
Oil and gas receipts recorded the weakest performance, coming in at GH¢8.711 billion—far below the target of GH¢16.514 billion, representing a 47.3% shortfall and a sharp 56.1% decline compared to the previous year.
Other revenue sources also outperformed expectations, reaching GH¢10.335 billion, above the target of GH¢9.568 billion. This represents an 8.0% surplus and a significant 109.7% increase compared to the same period in 2024.
Grants for the year totalled GH¢1.824 billion, falling short of the GH¢2.674 billion target by 31.8%. However, this still reflected a 6.3% year-on-year increase compared to 2024.
On the expenditure side, total spending and net lending amounted to GH¢233.778 billion, below the projected GH¢269.496 billion.
Compensation of employees stood at GH¢78.970 billion, slightly above the target of GH¢76.203 billion, representing a 3.65% overshoot and a 17.5% increase year-on-year. Wages accounted for 35.4% of domestic revenue during the period.
Spending on goods and services reached GH¢6.089 billion, below the target of GH¢6.671 billion, indicating an 8.7% reduction and a significant 47.1% decline compared to 2024.
Interest payments totalled GH¢49.891 billion, exceeding the target of GH¢46.792 billion, reflecting a 6.6% increase over expectations, though the report noted relief from currency appreciation and lower domestic interest costs.
Overall, the government described the 2025 fiscal performance as one marked by improved revenue strength despite shortfalls in some categories, supported by tighter expenditure controls.
According to the report, reduced spending helped offset revenue gaps, resulting in a fiscal deficit of 1.0% of GDP—significantly lower than the 2.8% target. The primary balance also recorded a surplus of 2.6% of GDP, above the projected 1.5%.