Ghana’s total petroleum revenue rose by 27.8% in 2024, reaching US$1.357 billion, up from US$1.062 billion in 2023.
According to the latest report from the Public Interest and Accountability Committee (PIAC), the surge was largely driven by increased global oil prices.
This marks the second-highest annual petroleum revenue since records began, following the US$1.42 billion recorded in 2022.
However, the report also highlighted key concerns, notably, US$145 million from liftings by GNPC Explorco in 2024 was not deposited into the Petroleum Holding Fund (PHF).
This brings the total unpaid petroleum revenue held by Jubilee Oil Holding Limited (JOHL) and later GNPC Explorco to US$488.79 million by the end of 2024.
However, GNPC maintains that revenues from Explorco’s operations are exempt from PHF deposits, a stance PIAC continues to challenge.
The committee insists these proceeds represent indirect state participation and should be paid into the Fund.
In addition, surface rental arrears owed by some International Oil Companies (IOCs) remain high, amounting to US$2.89 million as of December 2024.
Around 60% of this amount is linked to three companies whose petroleum agreements were terminated in 2021.
Nonetheless, PIAC had called for collaboration among the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana, and Ministry of Energy to recover these outstanding payments.
