The total Revenue and Grants for the first eleven months of 2025 stood at GH¢187.870 billion, about 13.4% of Gross Domestic Product (GDP).

This was lower than the target of GH¢201.372 billion, approximately 14.4% of GDP.

According to the January 2026 Monetary Policy Report by the Bank of Ghana, domestic revenue totalled GH¢186.569 billion (13.3% of GDP) over the period.

This is below the target of GH¢199.045 billion, about 14.2% of GDP.

Importantly, the revenue outcomes reflected poor performances for tax revenue, oil and gas receipts, as well as grants.

Non-Oil Tax Revenue

Non-Oil Tax Revenue, comprising taxes on income & property, taxes on domestic goods and services and international trade taxes, excluding oil and gas related taxes was GH¢149.163 billion (10.7% of GDP). This was lower than the target of GH¢156.144 billion (11.2% of GDP).

It represented a 4.5% negative deviation from the target, signalling systemic revenue leakage.

Oil Tax Revenue

Oil Tax Revenue totalled GH¢22.197 billion, above the target of GH¢16,921.7 million by 31.2%.

This is compared with the 2024 outturn and translates to a year-on-year growth of 35%.

The performance was mainly due to lower than programmed Dividend/Interest& Profits as well as Fees and Charges for the collection period.

Oil and Gas Receipts

Oil and Gas Receipts were estimated at GH¢5.918 billion, lower than the target of GH¢16.514 billion by 64.2%.

According to the report, the tax type also recorded a year-on-year decline of 66.6%.

Other Revenue of GH¢9.290 billion was below its target of GH¢9.465 billion by 1.9%.

This outturn is 69.2% above GH¢5.490 billion collected in the corresponding period of 2024.

Grants

Grants received for January-November 2025 totalled GH¢1.300 billion, a shortfall 44.1% from the programmed target of GH¢2.326 billion for the review period.

This outturn was also lower than GH¢1.714 billion received in the corresponding period of 2024. This translated into a year-on-year decline of 24.1%.