Despite the appreciation in the Ghana cedi throwing off Ghana’s revenue targets, especially at the ports, off balance, there seems to be a respite for the government, although it is not making up for the loss in full.
In a surprising turn of events, the Ghanaian government is set to end 2025 with a massive ‘jackpot’ in its Internally Generated Funds (IGF).
A detailed analysis conducted by The High Street Journal from the 2026 Budget Statement reveals that IGFs are not just meeting targets, they are smashing them, with a projected achievement rate of 130% by the end of December 2025.
To put it simply, IGF is the money collected by government agencies for services we use every day. They include the fees paid for passports, driver’s licenses, and port services, as well as the dividends (profits) that state-owned companies pay back to the government.
Beating the Goal Early
At the start of 2025, the government set a target to collect GH¢16.23 billion from these sources. However, by the end of September, with three full months still left for the year, the government had already collected GH¢16.84 billion, officially beating the entire year’s goal ahead of schedule.
With this sterling performance in the first three quarters, the government had no option but to rewrite the targets. By the time the clock strikes midnight on New Year’s Eve, the government expects total collections to hit a staggering GH¢21.05 billion, from an initial projection of GH¢16.23, marking about 30% increase.
What is Driving the Windfall?
This GH¢4.8 billion “bonus” is coming from two main areas that have performed far better than anyone expected. The first is the Profit Surge by State-Owned Entities. The government originally expected to receive about GH¢932 million in profits from state-owned entities. Instead, it is on track to receive GH¢1.47 billion, a massive 158% performance.
The second is the soaring of Service Fees and Charges. In 2025, the money coming from everyday fees and user charges is projected to hit GH¢2.27 billion, which is 156% of what was originally budgeted.
Why this Matters
This windfall is coming at the right time, when the government’s revenue targets are in disarray due to the strengthening of the cedi. This 30% extra income from the IGF is helping the government fund its “Reset Agenda” without having to rely solely on traditional taxes or heavy borrowing.
Because these agencies are generating more of their own cash, they are becoming more self-financing.
In fact, out of the total IGF collected, GH¢17.08 billion is being retained by the agencies themselves to improve their own operations and service delivery.
The Bottomline
The 2025 windfall has set a high bar for the future. For 2026, the government is already looking to build on this momentum, with a new target of GH¢21.12 billion in total non-tax revenue.
As Ghana moves into 2026, this 130% performance serves as a powerful “financial cushion,” proving that when government agencies work efficiently, they can contribute significantly more to the national purse than ever before.
