An Institute for Fiscal Studies analysis of 25 sub-Saharan African economies shows Ghana trailing the 20.1 per cent regional average by 4.4 percentage points.

Published 8 Nov 2026, 19:48 GMT

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Stacked gold coins with a rising arrow — Government revenue (illustration)

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Ghana ranked 18th out of 25 sub-Saharan African countries in total government revenue and grants as a share of GDP at 15.7 per cent, an Institute for Fiscal Studies (IFS) assessment shows.

"While the average total revenue and grants-to-GDP ratio of a sample of 25 Sub-Saharan African countries stands at 20.1 per cent, Ghana's total revenue and grants-to-GDP ratio stands at only 15.7 per cent, ranking as low as 18th out of the 25 countries, and falling short of the average by 4.4 percentage points," the institute stated.

In the 2022 cross-country dataset examined by the think tank, Namibia led the sub-Saharan African sample with a revenue-to-GDP ratio of 31.3 per cent, while Seychelles placed third at 30.0 per cent and Botswana ranked fourth at 29.5 per cent.

Mozambique followed in fifth place at 28.5 per cent, ahead of South Africa (26.0 per cent), Zambia (26.0 per cent), Mauritius (22.8 per cent), Rwanda (22.8 per cent) and the Republic of the Congo (22.7 per cent) rounding out the top ten.

According to the IFS, Ghana's actual total revenue and grants in 2022 stood at GH¢96.65 billion, equivalent to US$11.68 billion.

Had Ghana matched the 20.1 per cent regional average that year, the state would have mobilised GH¢123.48 billion (US$14.93 billion), giving the Treasury an extra US$3.25 billion.

"In fact, if Ghana's total revenue-to-GDP ratio in 2022 was 29.5 per cent as Botswana's, an African country with a heavy resource endowment like Ghana, Ghana would have collected as much as GH¢181.23 billion or US$21.91 billion in total revenue and grants," the report said — US$10.23 billion above actual collections.

By 2025, total government revenue and grants rose in nominal terms to GH¢224.88 billion, or US$17.91 billion, but remained unchanged at 15.7 per cent of GDP.

At the 20.1 per cent regional benchmark, 2025 receipts would have reached GH¢288.26 billion, leaving a gap of GH¢63.38 billion.

Araba IncoomAraba Incoom writes on multiple topics with a vast knowledge across different sector. You can almost call me an AI, after all, my initials are Araba Incoom.

Ghana ranks 18th in sub-Saharan Africa on revenue-to-GDP ratio at 15.7% – IFS

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