monetary policy report
Fiscal Developments Report – January 2021
Total revenue turned out strong in comparison with the revised target in the Mid-year Budget Review. Total Revenue & Grants for the first eleven months of 2020 amounted to GH¢46,532.2 million (12.1% of GDP), marginally higher than the revised target of GH¢46,009.4 million (11.9% of GDP). However, this outturn represented a 4 percent year-on-year growth, lower than the 9.1 percent growth recorded in the same period of 2019. During the review period, domestic revenue amounted to GH¢45,540.8 million (11.8% of GDP), above the revised target of GH¢44,993.9 million (11.7% of GDP). The revenue performance reflected the downward revision to the initial revenue estimates as well as strong recovery in international trade taxes as transitional issues at the ports were largely resolved.