Gov’t misses revenue target by 1.9 Percent in first half of 2024

Finance Minister Dr. Mohammed Amin Adam reported that total revenue and grants for the first half of 2024 were GH¢74.7 billion, falling short of the GH¢76.1 billion target by 1.9%.

Despite this, there was a 24.6% year-on-year growth, making up 42.3% of the annual revenue target. Strong non-oil tax revenue offset oil revenue shortfalls.

Total expenditures were GH¢95.9 billion, below the GH¢104.8 billion budget target.

This resulted in an overall budget deficit of GH¢21.3 billion and a primary deficit of GH¢2.3 billion, equating to 0.2% of GDP. The report was presented during the mid-year budget review in Parliament.