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Ghana’s total revenue and grants for the first half of 2025 reached GH¢116.2 billion, falling 5.5% short of the GH¢122.9 billion target. Despite this shortfall, the country recorded a strong year-on-year growth of 22.9%.
The shortfall was broad-based across key tax lines, with non-oil tax revenue falling slightly below target by 0.2%. PAYE underperformed by 3.5% due to reduced payments from the mining sector following the cedi’s appreciation. In contrast, corporate tax collections exceeded target by 2.8%, buoyed by improved performance in the mining and financial sectors.
Import-related taxes suffered shortfalls as the stronger cedi lowered import values. Import duties missed target by GH¢1.9 billion, representing a 13% decline, while the import components of VAT, GETFund, and NHIL fell short by 3.8%, 4.6%, and 5.2%, respectively.
However, the Communications Service Tax emerged as one of the best performers, exceeding its target by GH¢400 million (66.3%), driven by higher gross revenues and stronger collections from prepaid credit sales by a major telecom operator.
On the other hand, crude oil receipts underperformed by 42.7%, about GH¢4.4 billion below target, largely due to delayed corporate income tax payments and exchange rate effects. Grants also missed target by GH¢553 million, mainly due to non-disbursement of project grants from some development partners.
Overall, the data highlights that while Ghana’s revenue performance demonstrated resilience and improved buoyancy, sustained efforts in tax compliance, revenue diversification, and efficient collection remain critical to achieving fiscal targets and safeguarding macroeconomic stability.
epos MBN360 news
