The International Monetary Fund (IMF) has revised Ghana’s revenue-to-Gross Domestic Product (GDP) ratio estimates for the next four years to below 17%.

The Bretton Woods institution had earlier predicted the country’s revenue to GDP ratio of more than 17% between 2025 and 2030.

According to the IMF’s April 2025 Fiscal Monitor, the revenue-to-GDP ratio stood at 15.6% in 2024.

It is expected to rise to 16.0% in 2025.

From 2026 to 2027, the Fund is forecasting a revenue-to-GDP ratio of 16.7% respectively.

It is expected to shoot up to 16.9% of GDP in 2028.

From the above numbers, the country’s revenue-to-GDP ratio will still be underperforming and below its peers in Africa.

Expenditure-to-GDP Ratio to Remain Flat

Meanwhile, the expenditure-to-GDP ratio will remain flat for the next four years.

In 2025, 2026, 2027 and 2028, the expenditure-to-GDP ratio is projected at 18.8%, 18.7%, 18.5% and 18.8% respectively.

Comparing it to the last four years, there is an expected drastic reduction in government spending.

The nation recorded an expenditure-to-GDP ratio of 23.3% in 2024. This is compared to 31.5%, 27.2% and 27.5% in 2020, 2021 and 2022, respectively.