Latest data from the Bank of Ghana indicates that total inflows into the Petroleum Holding Fund (PHF) amounted to US$399.65 million in the second half of 2025.
According to the latest semi-annual report from the Bank of Ghana under the Petroleum Revenue Management Act (Act 815), the receipts were derived from three key sources, comprising crude oil lifting proceeds, corporate income taxes, and interest earned on the PHF account, spanning July 1 to December 31, 2025.
The central bank said crude oil liftings generated US$198.25 million, accounting for just under half of total receipts. The remaining US$201.40 million came from other income, made up largely of corporate income tax of US$198.09 million, with interest on the PHF contributing US$3.31 million.
During the period, the Ghana National Petroleum Corporation (GNPC), lifting on behalf of the Government of Ghana, undertook three crude oil liftings—the 83rd and 84th parcels from the Jubilee field and the 18th parcel from the Sankofa Gye Nyame (SGN) field.
Receipts from the two Jubilee liftings amounted to US$134.55 million, down from US$144.20 million recorded from the 81st and 82nd liftings in H2 2024. Similarly, proceeds from the SGN field declined to US$63.70 million, compared with US$68.54 million from the 16th lifting in the same period last year.
The BoG also disclosed that proceeds from the 25th cargo from the TEN field, valued at US$60.79 million, were not received by the end of December 2025, despite being expected on November 16. As a result, the amount was excluded from petroleum receipts for the year.
Despite lower inflows, total petroleum revenue distributed during the period reached US$493.40 million, reflecting the use of accumulated balances. Of this amount, GNPC received US$42.63 million, while the Annual Budget Funding Amount (ABFA) was allocated US$285.06 million. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) received US$49.71 million and US$115.99 million, respectively.
The report showed a sharp contraction in allocations to GNPC for Capacity and Infrastructure Programme (CAPI) and Equity Financing Cost (EFC), which fell to US$42.63 million in H2 2025 from US$166.29 million in the same period of 2024. Allocations to the ABFA remained broadly stable, marginally easing from US$287.68 million in H2 2024.
Transfers to the petroleum savings funds, however, declined markedly. The Ghana Heritage Fund’s allocation fell to US$115.99 million, from US$317.81 million a year earlier, while transfers to the Ghana Stabilisation Fund dropped to US$49.71 million, from US$136.20 million.
Notwithstanding weaker inflows and lower allocations, the Ghana Petroleum Funds recorded a net realised income of US$28.11 million in H2 2025, up from US$25.29 million in the same period of 2024. The Ghana Heritage Fund contributed US$25.15 million, accounting for 89.46 per cent of total net income, while the Ghana Stabilisation Fund contributed US$2.96 million, or 10.54 per cent.
As at the end of December 2025, total reserves of the Ghana Petroleum Funds rose to US$1.55 billion, compared with US$1.46 billion a year earlier. The Ghana Heritage Fund accounted for US$1.38 billion of the total, while the Ghana Stabilisation Fund held US$174.98 million.
