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
-
KNUST launches Nkabom collaborative project to transform Ghana’s agri-food sector
6 minutes -
Korle Bu surgeon raises alarm over breast cancer surge; calls for more treatment centres nationwide
10 minutes -
T-bills auction: Government records 38% oversubscription, but yield on 91-day and 182-day increases
15 minutes -
Ejisu celebrates national farmers’ day, calls for investment and innovation in agriculture
17 minutes -
Kufuor reveals NPP plot against him after 1996 election loss
25 minutes -
Peaceland school wins 2025 Jan Binder awards for promoting clean and green schools
37 minutes -
Ghana’s future football stars shine as Adrobaa R/C wins Milo U-13 champions league
42 minutes -
Accept postings to underprivileged areas – Vice President urges new doctors
44 minutes -
Man found guilty of Australian beach murder after hiding in India for years
46 minutes -
OSP turning PPA CEO probe into a “foolish case” – Manasseh Azure
50 minutes -
Japan protests after Chinese fighter jets lock radar on Japanese planes
52 minutes -
Police rescues kidnap victim at Wapuli, 3 arrested, one suspect at large
55 minutes -
Ghana’s Dr Richard Owusu Nyarko becomes 1st African fellow of American Professional Wound Care Association
57 minutes -
Ghanaian PhD students in UK face court actions over unpaid rent amid 48-month stipend arrears
1 hour -
Dr. Catherine Kuupol Kuutor makes history as first woman mining personality of the year
1 hour
