The latest report on Ghana’s Petroleum Funds shows growth in both the Ghana Stabilisation Fund and the Ghana Heritage Fund during the first half of 2024. The Ghana Stabilisation Fund which began the year with US$190.38 million, received an additional US$91.17 million from various fields, and earned US$3.68 million in net income. After a withdrawal of US$90.38 million, the fund had US$194.85 million, marking a marginal increase of just over 2%.
The Ghana Heritage Fund on the other hand started 2024 with US$1.05 billion, received US$39.07 million in new allocations, and earned US$16.94 million in net income. With no withdrawals made, the Heritage Fund grew to US$1.10 billion, reflecting an increase of nearly 5% in the first half of the year.
Combined, the Ghana Stabilisation Fund and the Ghana Heritage Fund have accumulated total savings of US$1.30 billion since the country began producing and exporting oil.
According to the Petroleum Revenue Management Act, 2011 (Act 815), at least 30% of the net revenue from petroleum must be allocated to these funds. The Ghana Petroleum Funds consist of the Ghana Stabilisation Fund, which serves as a financial buffer for unexpected shortfalls in petroleum revenue, and the Ghana Heritage Fund, which is designed to support future development when petroleum reserves are depleted.
Meanwhile Ghana’s total petroleum revenues for the first half of 2024 reached $840.7 million, up from $540.5 million during the same period in 2023, representing a 55.5% increase. Compared to the second half of 2023, when revenues were $521.8 million, the first half of 2024 showed a 60% increase. This growth was driven by improved revenue from oil lifting, corporate taxes, surface rentals, and interest, alongside favorable international crude prices.
