The Government’s 2026 Budget Statement and Economic Policy sets an ambitious revenue target of GH¢268.1 billion for the year, representing an 18.3% increase from the GH¢226.7 billion recorded in 2025.
Presenting the Budget to Parliament, Finance Minister Dr. Cassiel Ato Forson said non-oil tax revenue would drive domestic mobilisation, contributing GH¢216.1 billion. He explained that the target is anchored on sustaining fiscal discipline, boosting revenue mobilisation, and plugging systemic leakages.
Dr. Forson added that improved compliance and stronger enforcement measures are expected to support the anticipated growth. Oil and gas receipts are projected to bring in GH¢13.6 billion.
He noted that achieving fiscal consolidation will hinge on the continued implementation of the Medium-Term Revenue Strategy (MTRS).
“The strategy prioritises the expansion of the tax net rather than placing an additional burden on existing compliant taxpayers. Crucially, the government has announced structural reforms and enforcement actions to close revenue leakages, particularly at the ports,” he added.
Dr Forson said an Inter-Agency Committee had been established to audit all import-related transfers, and the Bank of Ghana would now match every foreign exchange (forex) transfer with verified import data.
The decisive action followed an audit that exposed the fraudulent use of Import Declaration Forms (IDFs) for illicit forex transfers and widespread under-declaration of import values, which deprived Ghana of approximately GH¢11 billion in potential revenue.
“The Ghana Revenue Authority (GRA) is mandated to establish a special recovery unit dedicated to reclaiming lost revenue identified from the audits. On the expenditure side, the government will enforce sanctions under Sections 96 to 98 of the Public Financial Management (PFM) Act to penalise breaches related to arrears accumulation and non-compliance with commitment controls,” he said.
The Minister said the overall fiscal strategy for 2026 aimed to secure a Primary Surplus of 1.5 per cent of GDP on a commitment basis, aligning with the country’s fiscal responsibility framework to sustain discipline and debt sustainability.
The finance minister said disciplined fiscal stance balanced consolidation with growth, ensuring that public funds were safeguarded for productive investments, including the ‘Big Push’ Infrastructure Programme and the ‘24-Hour Economy’ Programme.
Credit: GNA
