2022 Budget: Finance Minister projects revenue forecast of GHC89.1 billion

Ministry of Finance has projected a revenue forecast of GHC 89.1 billion representing 17.9 percent of Gross Domestic Product (GDP) for 2022.

The amount also represents a nominal growth of 23 percent over the projected outturn for 2021.

This is also expected to increase to GHC 100.6 billion (17.9% of GDP) in 2023, GHC 112.5 billion (17.7% of GDP) in 2024 and reaching GH¢126.3 billion (17.7% of GDP) by 2025.

Minister of Finance, Ken Ofori Atta reading the 2022 Budget Statement in Parliament Wednesday also noted that, of the 2022 projected revenue, gross non-oil tax revenue is estimated at GH¢70.5 billion (14.2% of GDP) and represents a per annum growth of 23.5 percent.

On net basis (i.e. excluding tax refunds), non-oil Tax Revenue is estimated at GH¢66.96 billion (13.5% of GDP).

Mr. Ofori Atta also noted that Non-oil Non-Tax revenues from MDAs that generate Internally Generated Funds (IGFs) will amount to GH¢8.41 billion in 2022 and increase by about 14.8 percent thereafter.

He announced that grants disbursements will be project-related grants and it is expected to dwindle from GH¢599.89 million in 2022 to GH¢157.71 million in 2025.