Presenting the 2026 Budget Statement themed “Resetting for Growth, Jobs, and Economic Transformation,” Finance Minister Dr. Cassiel Ato Forson painted a picture of a revenue system showing structural improvement, even as some targets were missed.
According to him, “Non-oil tax revenue amounted to GH¢122.1 billion… reflecting a strong annual growth of 32.8 percent.”
He stressed that the performance, though 4.1 percent below the target of GH¢127.3 billion, indicates that recent administrative reforms are beginning to yield sustained results across the domestic revenue ecosystem.
Dr. Forson explained that the setbacks were mainly due to dips in key tax lines. “PAYE, Corporate Income Tax, VAT, Excise Duties, the Growth and Sustainability Levy, and Import Duties fell below expectation,” he told Parliament, pointing to slower import activity and shifting consumption behaviours driven by disinflation.
Still, some tax categories shone. The Minister highlighted the “exceptional results” of the GETFund Levy and NHIL, which surpassed their targets by 16.0 percent and 16.6 percent respectively.
He credited “improved compliance and better enforcement mechanisms under the Ghana Revenue Authority’s Domestic Tax Division.”
Dr. Forson also revealed that non-tax revenue provided an unexpected buffer. Government agencies raked in GH¢19.4 billion — *“38.5 percent above the target”* — boosted by higher dividends and profits from state-owned enterprises.
But revenue from oil and gas disappointed sharply.
“Receipts amounted to GH¢5.9 billion against a target of GH¢12.4 billion,” he reported, attributing the 52.2 percent shortfall to lower global prices, reduced output, and the appreciation of the cedi.
He summed up the revenue outlook with cautious optimism: “The underlying growth trends demonstrate that Ghana’s revenue base is broadening… The task ahead is to consolidate these gains, enhance efficiency in collections, and expand the tax net in a fair and growth-friendly manner.”
