The Bank of Ghana (BoG) has announced that Ghana’s oil reserves, managed under the Ghana Petroleum Funds, will reach a combined US$1.45 billion by the end of 2024.
This money represents the revenue Ghana earns from exporting oil, which is used to fund national priorities.
According to the report shared on January 23, 2025, oil export proceeds for the second half of 2024 amounted to US$369.25 million from fields such as Jubilee, TEN, and SGN.
Additional receipts, including corporate taxes, surface rentals, and accrued interest, added $517.03 million, bringing the total revenue for the period to US$886.28 million.
These revenues were allocated to the Ghana Stabilization Fund and the Ghana Heritage Fund as required by law.
The Stabilization Fund received US$317.81 million, increasing its total balance to US$1.25 billion, while the Heritage Fund, which is focused on saving for future generations, received US$136.20 million, raising its reserves to US$198.36 million.
BoG noted that these funds are earmarked to support critical national priorities, with the revenue from the second half of 2024 set to be distributed in the first half of 2025.
