In a 2022 assessment of 25 Sub‑Saharan African economies, Ghana’s revenue‑to‑GDP ratio was estimated at 15.7%, according to the Institute for Fiscal Studies (IFS). The figure falls 4.4 percentage points below the regional average of 20.1% and lands Ghana 18th in the ranking.
Namibia topped the list with a 31.3% ratio, followed by Seychelles (30.0%) and Botswana (29.5%). Mozambique, South Africa, Zambia, Mauritius, Rwanda and Congo Brazzaville occupied positions five to ten with ratios ranging from 22.7% to 28.5%.
IFS highlighted that Ghana’s revenue mobilisation is weak, noting that the government collected GHȻ96.65 billion (US$11.68 billion) in 2022, representing 15.7% of GDP. The institute projected that if Ghana matched the Sub‑Saharan average of 20.1%, it would have raised GHȻ123.48 billion (US$14.93 billion), an increase of US$3.25 billion. Should Ghana’s ratio have matched Botswana’s 29.5%, the government could have amassed GHȻ181.23 billion (US$21.91 billion), US$10.23 billion more than the actual 2022 collection.
By 2025, Ghana’s total revenue and grants were projected to reach GHȻ224.88 billion (US$17.91 billion), maintaining the 15.7% ratio of GDP.
