After the country started producing crude oil in commercial quantities, billions of dollars have been poured into the national purse, significantly improving Ghana’s domestic revenue.
The first commercial drop flowed in 2011, igniting new hopes of economic transformation and bettering the lives of Ghanaians.
But where exactly has all that money gone? A new breakdown of the oil revenues gives a clear the and it tells a story every Ghanaian can understand.
US$11.47 Billion in 14 Years – Where Did It Go?
From 2011 to the first half of 2025, thus within the 14-year period, Ghana earned a total of US$11.47 billion from oil. Within the 14-year period, the country’s oil revenues peaked in 2022. The country earned a total of $1.43billion. On the other end, the lowest was in 2016 when the country earned just $247.18 million.
The yearly earnings from crude oil are earned from various sources. These include royalties, corporate income tax, surface rentals, carried and participating interests, and others such as bonuses and additional oil entitlements.
The utilization of these oil proceeds is governed by the Petroleum Revenue Management Act (PRMA). The PRMA is to ensure the prudent management and use of petroleum revenues to maximise economic development and benefit future generations as well.
The Act therefore dictates how all the oil revenues that hit the Petroleum Holding Fund (PHF) are disbursed.
Think of this as a huge family loaf that has been sliced into different portions to support the household, from paying school fees to savings for the future.
According to PIAC, the money has been shared into four main baskets;
The Biggest Slice: Government’s Annual Budget (ABFA) Gets 40%
This is the portion that goes straight into the government’s yearly spending, the same way a family might use part of their income immediately for food, bills, repairs, or fees. PIAC’s document sighted by The High Street Journal reveals that US$4.55 billion of the oil money has been spent on ABFA.
This is about 40% of all oil money. This is the biggest slice, showing how much Ghana depends on oil to keep the country running each year. It funds roads, schools, water systems, health projects, and various social programmes.
GNPC Gets 27% to Keep the Oil Flowing
The Ghana National Petroleum Corporation (GNPC) has received a total of US3.16 billion since 2011. This represents 27% of the total earnings.
GNPC gets this chunk to run operations, invest in exploration, and manage Ghana’s interest in oil fields.
In simple terms, this is “reinvestment money”; thus, the funds are used to keep the oil business alive so Ghana can continue earning in the future.
Ghana’s Savings Account – For Rainy Days (GSF)
The PRMA makes room for a savings account called the Ghana Stabilization Fund. The Ghana Stabilisation Fund acts like a household emergency fund. When things get tough, this savings pot is meant to cushion the country.
So far, the country has been able to put an amount of US$2.64 billion, representing 23% into this savings account. It’s money Ghana can fall back on when the world economy shakes.
Future Generations Get 10% – A Trust Fund for Tomorrow (GHF)
This portion goes into the Ghana Heritage Fund. It’s basically a savings account for future generations. This is like a trust fund for our children and grandchildren who may never see oil but should still benefit from it.
So far, a total of US$1.12 billion, representing 10% of the total earnings, has been set aside for future generations. It’s the equivalent of a family putting aside money for the kids so they don’t start life empty-handed.
The Smallest Slice: PHF Minimum Balance
This is just the required minimum left in the Petroleum Holding Fund, like the balance you’re not allowed to clear from your mobile money wallet. As of now, US$200,000, which is less than 1% is sitting in the PHF.
What This Means for the Ordinary Ghanaian
Behind all these figures lies a truth that every Ghanaian can see that oil has brought in big money, but the real question is whether people feel the benefits in their pockets, schools, hospitals, and local communities.
But the good news is, data shows that Ghana is not just spending everything; we are also saving some for hard times and investing some for the future. But it also reminds the country that managing these funds well is just as important as earning them.
For now, fourteen years after joining the league of oil-producing nations, Ghana has earned billions. The numbers show promise, but they also raise questions about efficiency, impact, and how to ensure every cedi works for the people.
