The government raised GH¢57.531 billion in revenue and grants in the first quarter of 2026, equivalent to 3.6% of Ghana’s GDP, the Bank of Ghana (BoG) has reported.

This was revealed in the Central Bank’s May 2026 Monetary Policy Report. According to the BoG, the revenue accrued represented 3.6% of Ghana’s Gross Domestic Product (GDP).

The report indicated that total revenue and grants fell short of the target by GH¢2.115 billion, representing a shortfall of about 3.5% against the projected GH¢59.646 billion (3.7% of GDP).

Tax revenue amounted to GH¢47.884 billion, representing 3.0% of Ghana’s GDP. It was derived from taxes on income and property, domestic goods and services, international trade, as well as oil and gas-related activities.

This was lower than the target of GH¢49.752 billion (3.1% of GDP), representing a negative deviation of 0.1 percentage points.

Non-tax revenue totalled GH¢6.180 billion, 17.7% below the target of GH¢7.512 billion.

Oil and gas revenue also fell below target, with the government receiving GH¢2.825 billion less than the projected GH¢4.532 billion. The shortfall was mainly attributed to lower international oil prices and reduced production from Ghana’s major oil fields.

However, other revenue exceeded expectations, generating GH¢3.466 billion, which was 70% higher than the target of GH¢2.025 billion.

Revenue performance recorded shortfalls across all major categories, except other revenue, which exceeded its target. The appreciation of the local currency also affected revenue mobilisation.

The report attributed the lower tax revenue performance to the slow implementation of some planned revenue measures, including VAT reforms, as well as lower-than-expected CIF values of imports.

CIF value refers to the total cost of imported goods, including the cost of the goods, insurance, and freight charges. A lower CIF value results in a smaller tax base for import duties.

Non-tax revenue also underperformed due to lower-than-projected dividend and interest income, as well as reduced earnings from oil-related investments under the CAPI arrangement.

Meanwhile, the Ghana Revenue Authority (GRA) reported a GH¢1 billion revenue collection in April 2026, a performance the Commissioner-General attributed to improved tax compliance, administrative efficiency, and digital reforms aimed at strengthening revenue mobilisation.

Mr Anthony Kofi Sarpong, speaking at the 10th Ghana CEO Summit, said the revenue performance marked a significant improvement in tax collection.

He attributed the increase to the introduction of the Republican Artificial Intelligence system at the ports.

The “Republican AI” (also called Publican AI) system is a GRA initiative introduced in early 2026 to automate customs valuation at the ports, modernise operations, and reduce revenue leakages.

“The Republican Artificial Intelligence system introduced at the ports helped improve compliance and blocked revenue leakages. Indeed, the results from the first two months of deploying the AI are amazing and promising. In April alone, we added GH¢1 billion to our revenue generation for customs,” the Commissioner-General stated.

He said the GH¢1 billion collected in April demonstrated the potential of a more efficient and modernised tax system, but stressed that broader structural reforms were needed to sustain and expand revenue gains.

“Our aspiration for a reset and transformed economy is not attainable if we fail to mobilise the needed domestic revenue as one of the most important catalysts for national development,” he said.

Mr Sarpong also highlighted the need for sustained revenue mobilisation to support national development as Ghana works to reduce its reliance on external financial inflows.

“Education and development of Ghana rest and thrive on the provision of relevant enablers, including infrastructure, energy, a well-trained and equipped workforce, and efficient public services,” he stated.

The Commissioner-General warned that reliance on external financing was becoming increasingly uncertain, making domestic revenue mobilisation a matter of economic sovereignty.

“The alternative to mobilising domestic revenue is dependence on financing that is no longer reliably open or available,” he said.

Mr Sarpong explained that ensuring fairness within the tax system remained essential to protecting compliant businesses from unfair competition created by operators who evade their tax obligations.

“The compliant business pays its share, while the non-compliant business does not. The gap between the two becomes a competitive penalty paid by firms that are actually doing the right thing,” he said.

He indicated that ongoing tax reforms were aimed at widening the tax net and strengthening compliance through digitalisation rather than imposing additional burdens on already compliant taxpayers.

“We want this era of tax reform to be about ensuring that those who pay are no longer being competed against by those who do not,” he stated.

Touching on the role of innovation, Mr Sarpong said technology was transforming tax administration by creating efficiencies that were previously difficult to achieve.

“Technology is now available for us to change structurally what was not possible yesterday. A credible tax system is in itself a factor of production for the Ghanaian industry,” he noted.

He further praised ongoing reforms under the current administration, stressing that the focus had been on improving revenue collection efficiency rather than introducing new taxes.

“We are focused on the efficiency of collecting those that are there,” he stated.

Mr Sarpong also revealed that the GRA was reviewing several tax laws, many of which had existed for more than a decade, to make them more responsive to current economic realities and address compliance gaps.

“We are comprehensively revising our tax laws, many of which are over 10 years old, to make them relevant, practical, and up to date with current requirements,” he said.

He stressed that modernising Ghana’s tax framework would be key to sustaining recent revenue growth and advancing the country’s broader economic transformation agenda.