TaxLawGHby MSL Business School
Annual revenue intelligence
Ghana Tax Revenue Performance 2024
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.
2024 answer in brief
Collections exceeded the reconciled Budget target, but the official report contains internal table and wording errors.
The report's appendix records GHS 153.571 billion in tax revenue against a GHS 145.992 billion Budget target, an outperformance of 5.2%. The executive summary prints GHS 143.0 billion as the target, which cannot produce the stated 5.2% result.
Adding the separately presented energy-sector levies produces a grand total of GHS 158.138 billion against a grand-total target of GHS 151.174 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 47.1% of the headline outturn. Customs increased its share from 27.2% in 2023 to 29.5% in 2024, while VAT's share eased from 22.1% to 21.6%.
Shares reproduce the composition measures reported for this edition. They are not presented as a complete allocation of every revenue stream.
Category evidence
The 2024 tax-type sections are more reliable than the displaced appendix labels.
The report's category schedule contains internal presentation errors. TaxLawGH therefore does not create false category totals from displaced labels. The tax-type table below uses the report's detailed narrative values, while the headline total uses the appendix figure that reconciles to the stated 5.2% result.
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 | 22,196 | 21,641 | ~+555 | ~+2.6% |
| Self-employed personal income taxDomestic direct | 1,430 | 1,610 | ~-180 | ~-11.2% |
| CompaniesDomestic direct | 39,190 | 28,590 | ~+10,600 | ~+37.1% |
| Other direct taxesDomestic direct | 659.13 | 653.50 | ~+5.63 | ~+0.9% |
| Mineral royaltiesDomestic direct | 4,900 | 3,060 | ~+1,840 | ~+60.1% |
| Airport TaxDomestic direct | 1,610 | 1,360 | ~+250 | ~+18.4% |
| Growth and Sustainability LevyDomestic direct | 2,380 | 1,180 | ~+1,200 | ~+101.7% |
| Financial Sector Recovery LevyDomestic direct | 862.20 | 448.31 | ~+413.89 | ~+92.3% |
| Domestic VATDomestic indirect | 17,140 | 24,130 | ~-6,990 | ~-29.0% |
| Domestic exciseDomestic indirect | 1,300 | 2,430 | ~-1,130 | ~-46.5% |
| Domestic NHILDomestic indirect | 4,580 | 4,860 | ~-280 | ~-5.8% |
| Domestic GETFund LevyDomestic indirect | 4,580 | 4,860 | ~-280 | ~-5.8% |
| Communications Service TaxDomestic indirect | 823.17 | 1,520 | ~-696.83 | ~-45.8% |
| COVID-19 Health Recovery Levy - all collection pointsDomestic indirect | 2,940 | 3,170 | ~-230 | ~-7.3% |
| Special Petroleum TaxDomestic indirect | 2,700 | 3,870 | ~-1,170 | ~-30.2% |
| Import duties and levies (including import excise)Customs | 20,260 | 18,500 | ~+1,760 | ~+9.5% |
| Import VATCustoms | 16,080 | 12,890 | ~+3,190 | ~+24.7% |
| Import NHILCustoms | 2,530 | 3,070 | ~-540 | ~-17.6% |
| Import GETFund LevyCustoms | 2,530 | 3,070 | ~-540 | ~-17.6% |
| Petroleum taxesCustoms | 2,810 | 2,950 | ~-140 | ~-4.7% |
| Energy Debt Recovery LevyEnergy-sector levies | 2,850 | 3,870 | ~-1,020 | ~-26.4% |
| Energy Sector Recovery LevyEnergy-sector levies | 1,160 | 858.71 | ~+301.29 | ~+35.1% |
| Sanitation and Pollution LevyEnergy-sector levies | 551.38 | 448.27 | ~+103.11 | ~+23.0% |
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.
The report connects improved growth and easing average inflation with stronger revenue, while noting continued exchange-rate and financing pressure. Its conclusion emphasises corporate income tax and VAT as major sources and a growing Customs contribution. The reconciled headline exceeded the original target by 5.2% and grew 35.6% nominally.
Real GDP growth
5.7%Above the 3.1% projection reported for the year.
Average inflation
23.8%Below the 40.3% average reported for 2023.
Cedi movement
19% depreciationAfter a 24.8% depreciation by the end of the third quarter.
Policy rate
About 27%Down from 30% in 2023.
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 | 39,190 | 28,590 | +10,600 | +37.1% |
| Import VAT | 16,080 | 12,890 | +3,190 | +24.7% |
| Mineral royalties | 4,900 | 3,060 | +1,840 | +60.1% |
| Import duties and levies (including import excise) | 20,260 | 18,500 | +1,760 | +9.5% |
| Growth and Sustainability Levy | 2,380 | 1,180 | +1,200 | +101.7% |
| Domestic VAT | 17,140 | 24,130 | -6,990 | -29.0% |
| Special Petroleum Tax | 2,700 | 3,870 | -1,170 | -30.2% |
| Domestic excise | 1,300 | 2,430 | -1,130 | -46.5% |
| Communications Service Tax | 823.17 | 1,520 | -696.83 | -45.8% |
| Import GETFund Levy | 2,530 | 3,070 | -540 | -17.6% |
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 2025 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
- Abolish withholding on lottery winnings, the Electronic Transfer Levy, the Emissions Levy and VAT on motor-vehicle insurance.
- Abolish withholding on unprocessed gold supplied by small-scale miners under the Ghana Gold Board initiative.
- Review port taxes, fees and charges and zero-rate the 2025 minimum wage.
- Consolidate specified energy-sector levies, reduce the tax-refund allocation rate and extend selected levy sunset dates.
- Review VAT design, including the COVID-19 levy, NHIL and GETFund input treatment, the flat-rate scheme and the registration threshold.
- Strengthen the Modified Taxation System and extend selected voluntary-disclosure relief.
- Increase tax education and regular public dialogue on compliance.
How to read this edition
Analysis of the official findings.
The official source contains presentation errors in its appendix and narrative. TaxLawGH uses the target and actual that reconcile to the report's own 5.2% outperformance, but declines to invent broad category totals where labels are displaced. The detailed tax-type evidence remains usable with the stated cautions.
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.
Headline target reconciled
The appendix target of GHS 145.992 billion reconciles to the reported 5.2% outperformance; the executive summary's GHS 143.0 billion does not.
Customs accelerated
The report records 47.0% nominal growth in Customs revenue and identifies Customs as a major driver of overall growth.
Domestic VAT underperformed
Domestic VAT totalled GHS 17.14 billion, 29.0% below its GHS 24.13 billion target.
Real growth strengthened
The report records 10.5% real revenue growth after average inflation of 22.9%.
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: 2024
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 2024 tax revenue questions
How much tax revenue did Ghana collect in 2024?
The Ministry of Finance reports GHS 153.571 billion in tax revenue for 2024, before the separately presented energy-sector levies.
Did Ghana meet the 2024 annual tax revenue target?
The outturn was 5.2% above the original annual target of GHS 145.992 billion.
How fast did Ghana's tax revenue grow in 2024?
The report records 35.6% nominal growth and 10.5% real growth.
Are energy-sector levies included in the GHS 153.571 billion headline?
No. The report adds separately presented energy-sector levies to reach a grand total of GHS 158.138 billion.
What source does TaxLawGH use?
This page is grounded in the Ministry of Finance Annual Tax Revenue Performance Report for 2024, including its detailed schedules and tax-type analysis.
Why does TaxLawGH use GHS 145.992 billion as the 2024 target?
That is the appendix target which reconciles to the report's stated 5.2% outperformance. The GHS 143.0 billion figure in the executive summary is internally inconsistent.