Manufacturing Growth Fuels 18% Rise in Tax Revenue for 2025

Activities in the manufacturing sub-sector, gauged by trends in the collection of direct taxes and private sector workers’ contributions to the Social Security and National Insurance Trust (SSNIT) Pension Scheme (Tier-1), improved in September 2025.

According to the Bank of Ghana’s November 2025 Monetary Policy Report, total direct taxes collected increased by 18.4% year-on-year to GH¢9.869 billion in September 2025. This is relative to GH¢8.335 billion recorded in a similar period in 2024.

Cumulatively, total direct taxes collected for the first three quarters of 2025 went up by 25.5% to GH¢62.879 billion, from GH¢50.107 billion for the same period in 2024. In terms of contributions of the various sub-tax categories, corporate tax accounted for 63.7%, income tax (PAYE and self-employed) accounted for 22.8%, while “other tax sources” contributed 13.5%.

Meanwhile, total private sector workers’ contribution to the SSNIT Pension Scheme (Tier-1) increased by 14.5% in year-on year terms to GH¢527.17 million in September 2025. This is from GH¢460.34 million collected during the corresponding period in 2024.

Cumulatively, for the first three quarters of 2025, the contribution grew by 22.3% to GH¢4.561 billion, relative to GH¢3.728 billion recorded in the corresponding period in 2024.

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