The Ghana Government's total revenue and grants for the first quarter of 2026 amounted to GH¢57.531 billion, approximately 3.6% of the Gross Domestic Product, the May 2026 Bank of Ghana’s Monetary Policy Report has revealed.

This was lower than the target of GH¢59.646 billion (3.7% of GDP).

Tax revenue, comprising taxes on income & property, taxes on domestic goods and services, international trade taxes, and oil and gas related taxes was GH¢47.884 billion (3.0% of GDP).

This was lower than the target of GH¢49.752 billion (3.1% of GDP) and represented a negative deviation of 0.1% from the target.

Non-tax revenue totalled GH¢6.180 billion, below the target of GH¢7.512 billion by 17.7%.

Oil and gas receipts were GH¢2.825 billion lower than the target of GH¢4.532 billion by 37.6%. This is on the back of lower international oil prices as well as reduced production from our major producing fields. Other revenue of GH¢3.466 billion was above its target of GH¢2.025 billion, overperforming its target by 70%.

Revenue performance recorded shortfalls across all major categories, apart from other revenue, which exceeded its target. The appreciation of the local currency had its toll on revenue mobilisation.

Tax revenue levels were on the back of the slow pace of execution of some revenue measures (VAT reforms) and lower than expected CIF value of imports.

Similarly, non-tax revenue experienced an underperformance mainly due to low dividend yield from Dividend/Interest and profits from Oil (CAPI).

Also, oil revenue’s underperformance was due to lower international oil prices, reduced production volumes, and the moderating effect of the cedi’s appreciation on oil-related revenues.

Again, grants experienced a shortfall that reflected delays in project grant disbursements from development partners.