Ghana’s 2027 fiscal framework outlines a strategic transition from short-term economic stabilization toward long-term structural transformation.
Anchored on a primary surplus target of 0.5% of GDP, the 2027 Budget combines ambitious domestic revenue mobilization with disciplined capital investment to drive national growth.
Where the Money Comes From: Revenue Targets (GH¢323.1 Billion)
To fund its key growth initiatives, the government projects Total Revenue and Grants of GH¢323.1 billio, which is 17.9% of GDP for 2027, up from GH¢274.0 billion in 2026.
The expected revenue inflows break down across five main pillars:
Non-Oil Tax Revenue: Represents the largest share at GH¢255.8 billion (79.2% of total revenue), reflecting a 17.4% annual growth fueled by compliance measures and digital tax administration tools.
Non-Tax Revenue (Non-Oil): Projected at GH¢33.5 billion, of which GH¢22.1 billion will be retained by Ministries, Departments, and Agencies (MDAs) and GH¢11.4 billion transferred to the Consolidated Fund.
Oil and Gas Receipts: Estimated to contribute GH¢15.5 billion from upstream petroleum liftings and royalties.
Other Revenue: Expected to yield GH¢15.1 billion, driven by Energy Sector Levies (ESLA) and SSNIT transfers to the National Health Insurance Levy (NHIL).
Grants from Development Partners: Projected at GH¢3.2 billion (1.0% of total revenue), allocated entirely toward project-specific capital commitments
Where the Money Goes: Expenditure Targets (GH¢375.0 Billion)
On the spending side, Total Expenditure (on a commitment basis) is budgeted at GH¢375.0 billion, which is 20.8% of GDP, representing a 22.8% increase over 2026 allocations. Primary expenditure (excluding interest payments) is set at GH¢314.0 billion.
The government has structured spending to prioritize growth-enhancing capital projects over consumption.
Capital Expenditure (CAPEX): Allocated GH¢98.4 billion, representing 5.4% of GDP. Domestic capital spending accounts for GH¢86.4 billion, funding the New Economy Programme (GH¢30.0 billion), the Big Push Infrastructure Programme (GH¢27.8 billion), and MDA capital projects (GH¢28.6 billion)—while foreign-financed CAPEX accounts for GH¢12.0 billion.
Compensation of Employees: Programmed at GH¢104.1 billion (5.7% of GDP) to cover public sector wages, salaries, pensions, and gratuities.
Grants to Other Government Units: Estimated at GH¢76.7 billion (4.2% of GDP) for statutory transfers, including the District Assemblies Common Fund (DACF), GETFund, and National Health Fund.
Interest Payments: Budgeted at GH¢61.0 billion (3.4% of GDP), comprising GH¢51.5 billion in domestic interest and GH¢9.5 billion in external interest debt service.
Other Expenditure: Budgeted at GH¢17.2 billion, covering energy sector payment shortfalls, ESLA transfers, and transfers to GoldBod.
Use of Goods and Services: Programmed at GH¢14.8 billion to maintain day-to-day administrative operations.
Fiscal Balances and Financing
This fiscal plan leaves an overall commitment deficit of GH¢51.9 billion (2.9% of GDP) and a cash deficit of GH¢65.8 billion (3.6% of GDP).
The cash deficit will be financed primarily through domestic market issuance (GH¢85.0 billion), balanced by net foreign debt repayments.
By directing more funds into national capital infrastructure than interest payments, the budget sets a clear path toward expanding industrial capacity and generating sustainable jobs.
