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
-
Indian billionaires buy foreign companies as growth slows at home
2 hours -
Mexico to host Iran for FIFA World Cup 2026
2 hours -
Absa Bank Ghana empowers businesses to navigate market risks
2 hours -
Moroccan Sahara: The preeminence and relevance of the autonomy plan highlighted in Verona
2 hours -
FIFA non-affliation and disclaimer notice
3 hours -
2026 World Cup: Baba Rahman, Mumin and Nuamah return as Black Stars name provisional squad
3 hours -
Bryan Acheampong to donate 50 computers to UniMAC students after AI lecture pledge
3 hours -
Injured Davies set to miss Canada World Cup opener
3 hours -
University of Ghana to launch global alumni network app to reconnect graduates
3 hours -
MTN celebrates Africa Day with renewed push for digital inclusion and youth empowerment
3 hours -
Mahama’s African Games forensic audit reveals over $40m in financial irregularities
4 hours -
Russia threatens more Kyiv strikes and tells foreign nationals to leave
4 hours -
I don’t wish NDC well; they’ve become a menace – Miracles Aboagye on NDC internal tensions
4 hours -
Oil prices slide on hopes of US-Iran peace deal
4 hours -
John Mahama receives customized set of golf clubs ahead of 2026 Head of State Invitational Tournament
5 hours