GH¢34 million recorded as total revenue and grants for first seven months of 2021 – BoG

• Fiscal Development's for September 2021 has been issued by the BoG

• Ghana recorded GH¢34 million as total revenue and grants for first seven months of 2021

• It comprised of income and property taxes, taxes on goods and services among others more

The Bank of Ghana has revealed the country’s total revenue and grants for the first seven months of 2021 amounted to GH¢34,270.5 million.

According to the central bank's Fiscal Development report for September 2021, this represents 7.8 percent of GDP which is lower than the set-out target of GH¢38,833.4 million representing 8.8 percent of GDP.

“This outturn represented 88.3 percent of the January to July 2021 target and recorded a year-on-year growth of 19.9 percent.”

“During the review period, domestic revenue amounted to GH¢33,730.7 million (7.7% of GDP), below the target of GH¢37,841.4 million (8.6% of GDP). The revenue outcomes reflected mixed performances of both tax and non-tax proceeds,” the report noted.

Further touching on total revenue and grants, the Bank of Ghana said tax revenue, comprising taxes of income & property, taxes on domestic goods and services and international trade taxes, amounted to GH¢28,198.1 million (6.4% of GDP), lower than the target of GH¢29,769.4 million (6.8% of GDP).

This, according to the central bank, represented a negative deviation of 5.3 percent.

“Taxes on income and property comprising personal income tax (PAYE), self-employed taxes, company taxes (including taxes on oil), royalties from oil and minerals, national stabilisation levy and airport taxes amounted to GH¢14,191.5 million (3.2% of GDP).”

“This outturn was 7.5 percent below the target of GH¢15,334.5 million (3.5% of GDP) with all the key tax components (except corporate taxes on oil) missing their respective targets.” the report added.

Read the full report below: