Ghana’s domestic petroleum revenue fell sharply in the second half of 2024, dropping by 62.63% to $517 million from $840.77 million, according to the Bank of Ghana’s (BoG) Petroleum Funds Report.
Despite the decline, total annual petroleum revenue reached a record $1.3 trillion, the highest since oil production began in 2011.
Breakdown of Revenue Sources
The report, which covers up to December 31, 2024, highlights key revenue sources, including:
$369 million from five crude oil liftings between July and October from the Jubilee, TEN, and Sankofa Gye Nyame (SGN) fields
$144 million in corporate taxes from oil companies
$74,000 in surface rental fees from Planet One Oil and Gas Limited
$3.67 million in accrued interest from the Petroleum Holding Fund
Petroleum Fund Allocation
Of the $454 million allocated to Ghana’s Petroleum Funds:
$136.2 million was transferred to the Ghana Heritage Fund (GHF), which preserves wealth for future generations
$317.8 million went to the Ghana Stabilisation Fund (GSF), aimed at cushioning the economy against oil price volatility
Call for Increased Investment
While early 2024 saw revenue growth, overall oil production continued to decline. The Public Interest and Accountability Committee (PIAC) has urged the government to prioritise reversing this trend by investing in exploration data and implementing regulatory reforms to attract new capital.
According to PIAC, these measures are crucial for revitalising Ghana’s petroleum sector and ensuring long-term energy revenue stability.
