81% of Ghana’s GHS 186 billion revenue in 2024 came from taxes!

In 2024, Ghana’s government recorded total revenue of GHS 186 billion, a significant portion of which 81% or GHS 151.16 billion came from taxes. These included levies on income and property, domestic goods and services, international trade, and more.

Breakdown of Revenue Sources

The single largest component was Taxes on Income and Property, amounting to GHS 78.74 billion. This was followed by Taxes on Domestic Goods and Services (GHS 60.50 billion) and International Trade Taxes (GHS 19.92 billion). Interestingly, tax refunds of GHS -8 billion reduced the net revenue, highlighting ongoing adjustments or incentives.

Outside of tax revenues, the government secured GHS 35.44 billion from other sources:

• Non-Tax Revenue: GHS 27.73 billion

• Other Revenue: GHS 4.93 billion

• Grants: GHS 1.72 billion

• Social Contributions: GHS 1.06 billion

  
  

This mix reveals that while grants and social contributions still feature in the fiscal framework, Ghana’s public finance model is heavily tax-reliant.

What This Means

The data reinforces the government's dependence on domestic tax systems for funding. It also raises questions about how well these taxes are being translated into social benefits. With non-tax sources making up just 19%, there may be opportunities to diversify government revenue such as optimizing SOEs, attracting grants, or leveraging digital service levies.