The Government of Ghana spent GH¢194.36 billion in 2025, 24% lower than the targeted amount, the January 2026 Monetary Policy Report by the Bank of Ghana has disclosed.

The target for the year was estimated at GH¢250.311 billion.

Compensation

Compensation of Employees (including wages and salaries, pensions & gratuities, and other wage related expenditure) was GH¢71.273.8 billion, higher than the target of GH¢70.037 billion. This outturn was above its target by 1.8%, but recorded 16% year-on-year growth.

In terms of fiscal flexibility, compensation of employees constituted 38.2% of domestic revenue mobilised during the period under review.

Goods and Services

The Use of Goods and Services totalled GH¢5.271 billion, lower than the expected target of GH¢6.335 billion by 16.8%. This points to some restraint on the part of the government in controlling discretionary spending.

The expense was also lower than GH¢38.438 billion recorded in the corresponding period of 2024, reflecting a year on-year decline of 86.3%.

Interest Payments

Total Interest Payments of GH¢46.211 billion was below the target of GH¢57.869 billion for the review period.

This outturn was 5.8% above the GH¢43.682 billion recorded in the corresponding period of 2024.

The reduced interest payments were mainly due to lower domestic interest rates and the appreciation of the local currency.

Grants

Grants to Other Government Units (made up of National Health Fund, Education Trust Fund [GET Fund], Road Fund, Energy Fund, District Assemblies Common Fund [DACF], Retention of IGFs, transfer to GNPC, Ghana Infrastructure Fund and other earmarked funds all summed up to GH¢50.805 billion, higher than the target of GH¢48.978 billion. This resulted in an positive deviation of 3.7%.

 It also recorded a year-on-year growth of 24.2%.

Capital Expenditure

The Capital Expenditure for the period under review was GH¢12.978 billion (0.9% of Gross Domestic Product), lower than the programmed target of GH¢31.401 billion (2.2% of GDP) by 58.7%.

This outturn represented a year-on year decline of 50.6% over the outturn of 2024.

Other Expenditure

Other Expenditure for eleven months of 2025 was GH¢14.499 billion, 59.4% below the target of GH¢35.689 billion.

This outturn compares with GH¢24.766 billion recorded in the corresponding period of 2024.