Finance Minister Dr. Cassiel Ato Forson has disclosed that Ghana’s non-oil tax revenue exceeded expectations by about GHS787 million as of June 2025.
He made this known during the presentation of the 2025 Mid-Year Budget Review to Parliament on Monday. The performance reflects improved domestic revenue mobilization efforts despite ongoing fiscal challenges.
However, Dr. Forson also revealed that import duties underperformed, falling short of target by GHS1.6 billion within the same period.
This shortfall, he noted, is a result of declining import volumes and continued pressures on global trade.
In addition, domestic interest payments amounted to GHS21.6 billion by mid-year, putting significant pressure on the expenditure side of the budget.
The mid-year review was presented in the context of improving macroeconomic indicators.
Inflation dropped from 23.5 percent in January to 13.7 percent by end of June, bolstering expectations of reaching single-digit inflation ahead of the 11.9 percent target.
The local currency has recorded a sharp recovery, strengthening from approximately GH¢15 to the US dollar in January to around GH¢10.45 currently, leading to marginal price declines.
Despite public backlash over a new GH¢1 fuel levy, strong Q1 GDP growth of 5.3 percent has opened room for possible upward revisions to the year’s economic outlook.
