 by 5.3%.){kind=link}
Finance Minister Dr. Cassiel Ato Forson has announced that Ghana’s total revenue and grants for the 2024 fiscal year amounted to GH¢186.6 billion, representing 15.9% of GDP. This figure exceeded the revised target of GH¢177.2 billion (17.4% of GDP) by 5.3%.
According to the Finance Minister, the surge in oil and gas receipts played a significant role in pushing revenue beyond projections. Additionally, improved tax collection and enforcement contributed to a rise in non-oil tax revenues, further strengthening government finances.
The higher revenue performance provides the government with some fiscal space to fund key developmental projects and address economic challenges. However, with Ghana still facing a budget deficit, economic analysts will be closely monitoring how the additional revenue is utilized to support growth and financial stability.