Audio By Carbonatix
Fitch Solutions had said in its 2023 February Africa Monitor Report that Ghana’s 2023 revenue target is unrealistic.
In 2023, the government intends to collect total revenue and grants of ¢143,956 million, about 18.0% of Gross Domestic Product.
This however represents a 43.2% increase on the 2022 target.
“That said, we believe that the 2023 revenue target is unrealistic. While higher taxes will boost fiscal intakes, weakening economic activity on the back of still-elevated inflation and tighter monetary policy will cap revenue growth”.
“Indeed, we forecast the economy to expand by a weak 2.9% in 2023, well below Ghana's 10-year pre-pandemic average of 6.8%. In addition, easing global oil prices in 2023 (our Oil & Gas team projects oil prices to fall by 6.9% to an average of $95.0/barrels) will put downside pressure on receipts from the oil sector”.
Furthermore, it said the Government of Ghana has a track record of overestimating intakes.
“Taking these dynamics into account, we believe that total revenues will rise to ¢134.4 billion in 2023 (compared to the target of ¢144.0 billion) or 18.0% of GDP, from 15.0% of GDP in 2022”.
It continued that fiscal intakes will improve on higher taxes in 2023".
Latest Stories
-
Thousands flood Kumasi streets to give Asantehene rousing welcome from USA
3 minutes -
GPRTU, GRTCC request review of public transport fares
8 minutes -
Up to 10% of places in top SHSs reserved for protocol – CSSPS
25 minutes -
Sekondi Prisons trains officers in Ghanaian Sign Language
32 minutes -
GTP, Woodin enter new era as TexStyles Ghana comes under local ownership
42 minutes -
NSMQ 2026: St. Augustine’s College march into third straight final, beat Prempeh and Pope John
42 minutes -
Sharpeville massacre survivors start legal fight for justice in South Africa
44 minutes -
Chief Justice has ‘worn a political jersey’ – Tampuli calls for resignation
1 hour -
Local Government Service partners Celltel to accelerate digital transformation
1 hour -
CJ’s role includes building working relationships with state institutions — NDC’s Hamza Suhuyini
1 hour -
Police intercept vehicle carrying suspected contraband at Jema
1 hour -
BOSTenergies pays first-ever GH¢34.2m dividend to government
1 hour -
Accra–Kumasi Expressway: 170km of corridor cleared, only 6km remains – GAF
1 hour -
Maritime security and naval cooperation in a changing international order
1 hour -
Over 8,000 candidates compete for just 800 places at Aburi Girls’ SHS – CSSPS
1 hour