Domestic petroleum revenue recorded in the second half of 2024 saw a sharp decline by 62.63 percent, dropping to US$517 million from US$840.77 million, according to the Bank of Ghana’s (BoG) Petroleum Funds Report.
Despite the decline, total annual petroleum revenue reached a record US$1.3trillion, marking Ghana’s highest earnings since oil production began in 2011.
The report, covering up to December 31, 2024, detailed key revenue sources including US$369 million from five crude oil liftings between July and October from the Jubilee, TEN, and Sankofa Gye Nyame (SGN) fields.
It also captures about US$144 million in corporate taxes from oil sector companies, and US$74,000 in Surface Rental fees from Planet One Oil and Gas Limited. In addition, US$3.67 million was realized in accrued interest from the Petroleum Holding Fund.
Ghana Petroleum Funds Allocation
Out Of the US$454 million allocated to the Ghana Petroleum Funds, an amount totaling US$136.2 million was sunk into the Ghana Heritage Fund (GHF), which preserves wealth for future generations, while US$317.8 million went to the Ghana Stabilisation Fund, intended to reduce the impact of oil price volatility.
Oil production largely continued on a downward trend, despite the revenue growth in early 2024.
The Public Interest and Accountability Committee (PIAC) has urged the government to prioritise reversing production declines through Increased investment in exploration data, and Regulatory reforms to attract fresh capital into the sector.
According to PIAC, these measures are essential for revitalising the petroleum industry and securing Ghana’s long-term energy revenues.
