Ghana earns $517m in crude oil revenue in second half of 2024

Ghana generated $517 million in crude oil revenues during the second half of 2024.

This is according to the Bank of Ghana’s latest Ghana Petroleum Funds Report for the period ending December 31, 2024.

The report reveals that $369 million was accrued from crude oil liftings at the Jubilee, TEN and Sankofa Gye Nyame oil and gas fields, with the liftings occurring between July and October.

The upstream petroleum sector contributed $144 million in corporate taxes, while Planet One Oil and Gas Limited paid $74,000 in surface rental fees.

Additionally, $3.67 million was earned from interest accrued in the Petroleum Holding Fund.

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 play a pivotal role in ensuring the sustainability of Ghana’s petroleum revenue management framework.

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.