Ghana misses revenue target — BoG

Ghana’s revenue drive fell short of expectations in the first half of 2025, collecting GH¢116.2 billion instead of the GH¢122.9 billion target.

Despite the shortfall, the country recorded a solid 22.9% year-on-year growth, signaling a steady rebound in revenue performance, the Bank of Ghana’s September 2025 Monetary Policy Report has revealed.

The shortfall was broad-based across major tax categories, though some sectors performed strongly.

Non-oil tax revenue missed its target by just 0.2%, while PAYE fell short by 3.5%, mainly due to lower payments from the mining sector following the cedi’s appreciation.

However, corporate tax collections exceeded target by 2.8%, supported by solid performance in the mining and financial sectors.

On the consumption side, domestic VAT, GETFund Levy, and NHIL all surpassed targets by 2.2%, 14.0%, and 14.8%, respectively, reflecting stronger consumer spending amid easing inflation.

In contrast, import-related taxes underperformed as the stronger cedi reduced import values.

Import duties fell short by GH¢1.9 billion (13%), while the import components of VAT, GETFund, and NHIL missed their targets by 3.8%, 4.6%, and 5.2%, respectively.

The Communications Service Tax stood out as one of the best performers, exceeding target by GH¢400 million (66.3%), driven by higher gross revenues and stronger prepaid credit sales from a major telecom operator.

Meanwhile, crude oil receipts dropped 42.7% below target, a shortfall of about GH¢4.4 billion due to delayed corporate tax payments and exchange rate effects.

Grants also missed the target by GH¢553 million, mainly because some development partners withheld project disbursements.