Ghana’s crude oil revenue reached US$517 million in the second half of 2024, highlighting the sector’s potential growth to the national economy.
According to the latest Ghana Petroleum Funds (GPF) report from the Bank of Ghana (BoG), crude oil liftings from the Jubilee, TEN, and Sankofa Gye Nyame fields generated US$369 million between July and October 2024.
Additionally, the upstream oil sector contributed US$144 million in corporate taxes, while Planet One Oil and Gas Limited paid US$74,000 in surface rental fees.
Interest accrued in the Petroleum Holding Fund (PHF) added another US$3.67 million, pushing total inflows beyond the half-billion-dollar mark.
The report, covering the period up to December 31, 2024, said, that out of the US$454 million allocated to the Ghana Petroleum Funds (GPF), the Ghana Heritage Fund (GHF), designed to safeguard wealth for future generations received US$136.2 million.
Meanwhile, the Ghana Stabilization Fund (GSF) was allocated US$317.8 million to help mitigate the impact of oil price fluctuations on the economy.
Petroleum revenue remains a vital component of Ghana’s public finances, supporting infrastructure development, social programs, and economic growth.
With ongoing uncertainty in global oil markets, effective management of these revenues will be crucial in ensuring fiscal stability and sustainable development.
Nonetheless, as of January 2025, Ghana’s oil industry is experiencing a period of growth and strategic development.
Moreover, in a strategic move to strengthen its position in the regional oil market, Ghana has initiated the construction of a US$12 billion petroleum hub in Jomoro. This project includes a 300,000 barrel-per-day oil refinery and associated petrochemical facilities, aiming to meet West Africa’s refined petroleum needs by 2036.
