Ghana earned $517 million in crude oil revenue during the second half of 2024, 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 was derived from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil fields between July and October. Additionally, the upstream petroleum sector contributed $144 million in corporate taxes, with Planet One Oil and Gas Limited paying $74,000 in surface rental fees. Interest from the Petroleum Holding Fund added $3.67 million.
Out of the $454 million allocated to the Ghana Petroleum Funds, the Ghana Heritage Fund received $136.2 million, while the Ghana Stabilisation Fund was allocated $317.8 million. These funds are essential for ensuring the long-term sustainability of Ghana’s petroleum revenue management system.
Petroleum revenue remains a cornerstone of Ghana’s economy, providing critical funding for public services, infrastructure development, and economic stability.
Key investments supported by these funds span the energy, transportation, and education sectors.
Additionally, the Ghana Stabilisation Fund helps shield the economy from volatile global oil prices, offering a buffer against external shocks.
This steady inflow of revenue highlights the continued importance of Ghana’s upstream petroleum sector in driving national economic growth and fiscal resilience.
