This is expected to increase to ¢100.6 billion (17.9% of GDP) in 2023, ¢112.5 billion (17.7% of GDP) in 2024 and ¢126.3 billion (17.7% of GDP) by 2025.
Of the 2022 projected revenue, gross non-oil Tax Revenue is estimated at ¢70.5 billion (14.2% of GDP) and represents a per annum growth of 23.5%.
On net basis that is excluding tax refunds, non-oil Tax Revenue is estimated at ¢66.96 billion (13.5% of GDP).
Grants disbursements which will be project related grants is expected to dwindle from ¢599.89 million in 2022 to ¢157.71 million in 2025.
Expenditure forecast
Meanwhile, total expenditure (including payments for the clearance of arrears) is projected to hit ¢128.3 billion (25.8% of GDP) in 2022, ¢135.6 billion (24.1% of GDP) in 2023, and GH¢157.1 billion (22.1% of GDP) in 2025.
Also, payments to Independent Power Producers (IPPs) is projected at $1 billion per year.
Additionally, compensation of employees is projected to increase from ¢31.5 billion (7.2% of GDP) in 2021 to GH¢34.6 billion (7.0% of GDP) in 2022 and further to GH¢38.5 billion (6.8% of GDP), GH¢42.3 billion (6.7% of GDP), and GH¢46.9 million (6.6% of GDP) in 2023, 2024, and 2025, respectively.
Goods and Services is projected to hit ¢5.2 billion (1.1% of GDP) in 2022, and then increase to GH¢4.9 billion (0.9% of GDP), GH¢5.4 million (0.9% of GDP) and GH¢6.7 million (0.9% of GDP) in 2023, 2024 and 2025, respectively.
Capital expenditure is also projected to hit ¢11.8 billion (2.4% of GDP) in 2022, increasing to ¢12.2 billion (2.2% of GDP) in 2023, ¢11.4 billion (1.8% of GDP) in 2024, and further to GH¢12.1 billion (1.7% of GDP) in 2025.
