Ghana records GHc57.5bn Revenue in Q1 2026, misses target by GH¢2.1bn

By Prince Antwi July 7, 2026

Ghana’s total revenue and grants for the first quarter of 2026 amounted to GH¢57.531 billion, falling short of the government’s target of GH¢59.646 billion, according to the Bank of Ghana’s May 2026 Monetary Policy Report.

The figure represents about 3.6 percent of Gross Domestic Product (GDP), compared with the projected 3.7 percent of GDP for the period.

The report indicated that tax revenue accounted for the largest share of collections, amounting to GH¢47.884 billion or 3.0 percent of GDP. However, this was below the target of GH¢49.752 billion, resulting in a shortfall of 0.1 percentage points.

Tax receipts covered income and property taxes, domestic goods and services taxes, international trade taxes, and oil and gas-related taxes.

The central bank noted that the overall revenue shortfall was driven by underperformance across most major revenue categories, except for other revenue sources, which exceeded expectations.

Non-tax revenue totalled GH¢6.180 billion, missing its target of GH¢7.512 billion by 17.7 percent.

Oil and gas receipts also recorded a significant decline, generating GH¢2.825 billion compared with the projected GH¢4.532 billion — a shortfall of 37.6 percent.

The Bank of Ghana attributed the weaker oil revenue performance to lower international crude oil prices, reduced production from major oil fields, and the impact of the appreciation of the cedi on oil-related earnings.

Meanwhile, other revenue sources performed strongly, generating GH¢3.466 billion, exceeding the target of GH¢2.025 billion by 70 percent.

The report explained that tax revenue underperformance was partly due to delays in implementing some revenue measures, including VAT reforms, as well as lower-than-expected Cost, Insurance and Freight (CIF) values of imports.

Non-tax revenue also suffered from weaker-than-anticipated dividend, interest and oil-related profit inflows.

The central bank further noted that grants recorded a shortfall during the period due to delays in disbursements from development partners for various projects.

The Bank of Ghana said the cedi’s appreciation also affected revenue mobilisation, particularly earnings linked to foreign currency sources such as oil receipts.