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Ghana’s crude oil revenues for the second half of 2024 reached $517 million, according to the Bank of Ghana’s latest Ghana Petroleum Funds Report for the period ending December 31, 2024.
The report highlights that $369 million of this revenue came from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil and gas fields, with these liftings occurring between July and October.
In addition to this, the upstream petroleum sector contributed $144 million in corporate taxes, and Planet One Oil and Gas Limited paid $74,000 in surface rental fees.
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The report also revealed that $3.67 million was earned from interest accrued in the Petroleum Holding Fund, showcasing the growing impact of these funds on Ghana’s economic landscape.
Out of the $454 million allocated to the Ghana Petroleum Funds, $136.2 million was directed to the Ghana Heritage Fund, while $317.8 million was allocated to the Ghana Stabilisation Fund. These funds are essential to ensuring the sustainability and resilience of Ghana’s petroleum revenue management framework.
Petroleum revenue continues to be a critical source of funding for Ghana’s public services, infrastructure projects, and overall economic stability. The funds have supported key investments across various sectors, including energy, transportation, and education.
Furthermore, the Ghana Stabilisation Fund plays an important role in protecting the economy from fluctuations in global oil prices, acting as a buffer against external economic shocks.
The consistent inflow of revenue from the upstream petroleum sector highlights its importance in driving Ghana’s economic growth and enhancing fiscal resilience. As the sector continues to contribute significantly to the nation’s finances, it remains a cornerstone of Ghana’s long-term development strategy.
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