TaxLawGHby MSL Business School
Annual revenue intelligence
Ghana Tax Revenue Performance 2023
What Ghana collected, how the result compared with the annual target, which tax streams moved the outturn and what the official evidence can safely support.
Analysed and explained by MSL Business School through TaxLawGH.
2023 answer in brief
Collections exceeded the original Budget target and the revised target.
Ghana collected GHS 113.066 billion in tax revenue, 6.7% above the GHS 105.999 billion annual target and approximately 3.5% above the revised GHS 109.19 billion target.
Adding the separately presented energy-sector levies produces a grand total of GHS 116.971 billion against a grand-total target of GHS 110.289 billion.
The comparison uses the original annual target. Revised targets, where the report provides them, remain separate so the benchmark is clear.
Revenue composition
Which broad streams carried the headline result?
Corporate income tax and VAT together accounted for 48.0% of the headline tax outturn. The total tax-to-GDP ratio increased to 14.6% from 13.8% in 2022, using the definition stated in the 2023 report.
Shares reproduce the composition measures reported for this edition. They are not presented as a complete allocation of every revenue stream.
Category performance
The headline was not evenly distributed across the tax base.
The category values reproduce the Ministry's annual schedule. Hover-free cards keep the result legible on touchscreens and small screens.
Target: GHS 47.094bn. Variance: GHS +6,912.06 million.
Target: GHS 30.371bn. Variance: GHS -2,105 million.
Target: GHS 28.533bn. Variance: GHS +2,260.64 million.
Detailed tax streams
Test the result line by line.
Values are GHS millions. The selected-stream chart makes the largest non-energy flows visible before the complete table. For 2023 and 2024, tax-type rows follow the report's detailed narrative sections because the appendix subrows or category labels are displaced.
Six largest non-energy streams by reported actual collection. This is a visual selection, not a separate total.
23 tax streams shown.
| Tax stream | Actual | Target | Calculated variance | Calculated variance % |
|---|---|---|---|---|
| PAYEDomestic direct | 17,450 | 15,680.27 | ~+1,769.73 | ~+11.3% |
| Self-employed personal income taxDomestic direct | 937.23 | 856.09 | ~+81.14 | ~+9.5% |
| CompaniesDomestic direct | 29,260 | 23,947.40 | ~+5,312.60 | ~+22.2% |
| Other direct taxesDomestic direct | 369.53 | 591.85 | ~-222.32 | ~-37.6% |
| Mineral royaltiesDomestic direct | 2,770 | 2,547.10 | ~+222.90 | ~+8.8% |
| Airport TaxDomestic direct | 1,200 | 877.79 | ~+322.21 | ~+36.7% |
| Growth and Sustainability LevyDomestic direct | 1,380 | 2,216.39 | ~-836.39 | ~-37.7% |
| Financial Sector Recovery LevyDomestic direct | 645.38 | 377.23 | ~+268.15 | ~+71.1% |
| Domestic VATDomestic indirect | 14,520 | 15,611.81 | ~-1,091.81 | ~-7.0% |
| Domestic exciseDomestic indirect | 900.65 | 1,186.56 | ~-285.91 | ~-24.1% |
| Domestic NHILDomestic indirect | 3,600 | 3,145.97 | ~+454.03 | ~+14.4% |
| Domestic GETFund LevyDomestic indirect | 3,600 | 3,145.97 | ~+454.03 | ~+14.4% |
| Communications Service TaxDomestic indirect | 663.84 | 782.29 | ~-118.45 | ~-15.1% |
| COVID-19 Health Recovery Levy - all collection pointsDomestic indirect | 2,180 | 2,530 | ~-350 | ~-13.8% |
| Special Petroleum TaxDomestic indirect | 2,320 | 2,591.28 | ~-271.28 | ~-10.5% |
| Import duties and leviesCustoms | 13,940 | 14,015.79 | ~-75.79 | ~-0.5% |
| Import VATCustoms | 10,460 | 8,103.20 | ~+2,356.80 | ~+29.1% |
| Import NHILCustoms | 1,661.44 | 1,498.39 | ~+163.05 | ~+10.9% |
| Import GETFund LevyCustoms | 1,661.34 | 1,498.39 | ~+162.95 | ~+10.9% |
| Petroleum taxesCustoms | 2,360 | 2,556.09 | ~-196.09 | ~-7.7% |
| Energy Debt Recovery LevyEnergy-sector levies | 2,435.24 | 2,658.84 | ~-223.60 | ~-8.4% |
| Energy Sector Recovery LevyEnergy-sector levies | 998.23 | 1,108.71 | ~-110.48 | ~-10.0% |
| Sanitation and Pollution LevyEnergy-sector levies | 470.88 | 522.25 | ~-51.37 | ~-9.8% |
Calculated variances use the displayed actual and target values. A tilde (~) marks calculations from rounded narrative figures. Values may not sum exactly because source narratives use rounded figures or present some combined collection points.
Economic context
The tax result was produced inside a specific macroeconomic environment.
High interest rates, exchange-rate pressure and inflation remained central to the 2023 revenue environment. Nominal collections grew strongly, but the real-growth measure was much lower. The outturn exceeded both the original and revised targets, led by direct taxes and Customs while domestic indirect tax remained below target.
Real GDP growth
3.3%The report's projected 2023 rate.
Average inflation
40.3%December inflation was 23.2%, down from 54.1% a year earlier.
Cedi movement
27.8% depreciationIncluding a large movement in January 2023.
Policy rate
30.0%Up from 27.0% in 2022.
Largest tax-stream variances
Which individual streams moved furthest from target?
This ranking is calculated from the report values displayed on this page. It shows the five largest positive and five largest negative non-energy variances in cash terms, not a causal attribution model.
| Tax stream | Actual | Target | Variance | Variance % |
|---|---|---|---|---|
| Companies | 29,260 | 23,947.40 | +5,312.60 | +22.2% |
| Import VAT | 10,460 | 8,103.20 | +2,356.80 | +29.1% |
| PAYE | 17,450 | 15,680.27 | +1,769.73 | +11.3% |
| Domestic NHIL | 3,600 | 3,145.97 | +454.03 | +14.4% |
| Domestic GETFund Levy | 3,600 | 3,145.97 | +454.03 | +14.4% |
| Domestic VAT | 14,520 | 15,611.81 | -1,091.81 | -7.0% |
| Growth and Sustainability Levy | 1,380 | 2,216.39 | -836.39 | -37.7% |
| COVID-19 Health Recovery Levy - all collection points | 2,180 | 2,530 | -350 | -13.8% |
| Domestic excise | 900.65 | 1,186.56 | -285.91 | -24.1% |
| Special Petroleum Tax | 2,320 | 2,591.28 | -271.28 | -10.5% |
Amounts are GHS millions. Where the official narrative reports rounded amounts, the calculated variance inherits that rounding.
Policy and administration record
Revenue measures announced for the 2024 Budget
The annual report places revenue performance beside the policy agenda available when it was prepared. The list below is historical report content, not a statement that every proposal was enacted or remains current.
Open the report's policy and administration summary
- Replace corporate income tax and VAT on betting and gaming with a gross gaming revenue tax, together with withholding on winnings.
- Review stamp duty and introduce a simplified modified-taxation mechanism for small taxpayers.
- Expand Communications Service Tax coverage and align excise rates for similar products.
- Introduce emissions taxation and extend environmental excise on plastics to packaging.
- Align VAT reliefs with Customs tariffs, introduce a 5% VAT rate on commercial rent and remove selected VAT exemptions.
- Require the Commissioner-General's authorised VAT invoice for income-tax deductibility.
- Implement minimum chargeable income, phase two of E-VAT and upfront VAT on VATable imports by unregistered importers.
- Implement the World Customs Organization SAFE Framework of Standards.
How to read this edition
Analysis of the official findings.
The Ministry recommended further work on persistent Communications Service Tax underperformance, comparison of Ghana's VAT exemptions with peer countries and the effect of the excise sliding-scale policy against its original objectives.
Original target
Shows the result against the annual Budget forecast and keeps the four-year comparison consistent.
Revised target
Where available, shows how the Government adjusted expectations after part of the year had elapsed.
Real growth
Separates the inflation-adjusted movement from a nominal increase in cedi collections.
Tax-to-GDP
Measures revenue relative to the economy, but only when the numerator and GDP definition are read exactly as stated in that edition.
Connected TaxLawGH research
Move from fiscal outcomes to the taxes that produced them.
Growth and fiscal effort
Nominal growth and real growth tell different stories.
Change measured in current money values.
The report's inflation-adjusted growth measure.
Use the ratio definition stated for this edition; definitions are not fully consistent across all four reports.
TaxLawGH insights
What matters beyond the headline.
Broad headline outperformance
The outturn exceeded both the original annual target and the higher revised target.
Strong real growth
Nominal growth was 49.3% and the report's inflation-adjusted growth measure was 7.6%.
Direct taxes led
Domestic direct taxes exceeded the annual target by GHS 6.912 billion, the largest category contribution to the surplus.
Domestic indirect lagged
Domestic indirect taxes were GHS 2.105 billion below the annual target even as the total result was above target.
Reading the evidence safely
Source definitions, rounding and discrepancies are part of the analysis.
Primary source
Start with the official Ministry report.
Annual Tax Revenue Performance Report: 2023
Prepared by the Revenue Policy Division of Ghana's Ministry of Finance. The report reviews the full calendar year's tax collections, annual targets, tax categories and selected policy developments.
Frequently asked questions
Ghana 2023 tax revenue questions
How much tax revenue did Ghana collect in 2023?
The Ministry of Finance reports GHS 113.066 billion in tax revenue for 2023, before the separately presented energy-sector levies.
Did Ghana meet the 2023 annual tax revenue target?
The outturn was 6.7% above the original annual target of GHS 105.999 billion.
What was the revised 2023 target?
The report gives a revised target of approximately GHS 109.19 billion. TaxLawGH keeps that comparison separate from the original Budget target.
How fast did Ghana's tax revenue grow in 2023?
The report records 49.3% nominal growth and 7.6% real growth.
Are energy-sector levies included in the GHS 113.066 billion headline?
No. The report adds separately presented energy-sector levies to reach a grand total of GHS 116.971 billion.
What source does TaxLawGH use?
This page is grounded in the Ministry of Finance Annual Tax Revenue Performance Report for 2023, including its detailed schedules and tax-type analysis.