The government’s revenue performance improved in the first-half of 2026 but remained below target.

According to the July 2026 Monetary Policy Report by the Bank of Ghana, total revenue and grants for the period amounted to GH¢99.388 billion, about 6.2% of Gross Domestic Product, 10.0%t below the programmed target of GH¢110.412 billion (6.9% of GDP).

This was mainly due to underperformance across most revenue lines, except “Other Revenue”, Income and Property Taxes, and Domestic VAT and Excise Duty.

However, it recorded year-on-year growth of 16.1%, compared with the corresponding period of last year. Both tax and non-tax revenue fell short of their targets for the review period. Tax revenue amounted to GH¢97.577 billion (6.1% of GDP), 10.1% below its target.

Also, non-tax revenue was GH¢1.590 billion (0.1% of GDP), below its target by 13.0%.

Tax revenue and non-tax revenue posted year-on-year growths of 25.9% and 13.2%, respectively.

Expenditure

Meanwhile, all the expenditure lines were below their targets.

Total expenditure amounted to GH¢109.376 billion (6.8% of GDP), 24.9% below its programmed target of GH¢145.731 billion (9.1% of GDP).

However, it recorded a year-on-year increase of 2.3%. Domestic and external interest payments were below their targets by 17.1% and 71.4%, respectively.

In addition, discretionary payments were 35.6% below target, largely due to a decline in capital expenditure.

Statutory and discretionary payments constituted 67.9% and 32.1% of total expenditure, respectively.