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Govt’s revenue increased by GHS7m in 2022 – Auditor-General’s report

In a remarkable financial turnaround, Ghana witnessed a substantial boost in its 2022 revenue, with both direct and indirect taxes, non-tax earnings, and grants for the General Government surging by a staggering GH¢7,011 million, equivalent to 6.88 percent of the budgeted amount of GH¢101,836 million, according to the latest Auditor-General’s report.

This remarkable achievement in revenue generation was accompanied by an astounding 49.31 percent increase in total revenue, soaring from GH¢72,901 million in 2021 to an impressive GH¢108,847 million in 2022. 

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A significant contributor to this revenue upswing was the substantial increase in non-tax revenue, which surged from GH¢9,955 million in 2021 to a formidable GH¢23,684 million in 2022.

Auditor-General’s Report for the year ended 31 December 2022, drew these figures from two revenue streams, the Central government and the Local government and noted that the growth in Ghana’s revenue for the year under review, has etched the nation closer to achieving fiscal consolidation.

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Breaking down the revenue figures further, the Central Government, it said, experienced a significant increase in its earnings with Actual direct and indirect taxes, non-tax revenue, and grants surging by GH¢9,353 million, a substantial 9.66 percent of the budgeted amount of GH¢96,840 million. 

This remarkable achievement was mirrored by a total revenue increase of 50.25 percent, rising from GH¢70,676 million in 2021 to an impressive GH¢106,193 million in 2022.

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In contrast, Local Government authorities faced a slight dip in their total revenue for 2022, declining by GH¢2,342 million, which represented 46.88 percent of the budgeted amount of GH¢4,996 million.

The primary factor behind this dip was a notable fall in grants by GH¢2,288 million, equivalent to 51.93 percent of the budgeted amount of GH¢4,406 million.

However, amidst this decline, actual total revenue still managed to show a positive trajectory, increasing by 19.28 percent from GH¢2,225 million in 2021 to GH¢2,654 million in 2022.

These revenue achievements highlight a promising future for the nation’s fiscal stability..

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