Ghana’s petroleum sector corporate income tax receipts fell sharply in the first half of 2025, raising fresh concerns about declining state revenues from oil production and the fiscal risks surrounding petroleum taxation.
According to the Public Interest and Accountability Committee (PIAC), the Ghana Revenue Authority (GRA) collected US$148.75 million in Corporate Income Tax (CIT) between January and June 2025, a steep 59 percent drop from the US$358.83 million recorded during the same period in 2024.
The payments were made by Tullow Ghana Ltd, Kosmos Energy Ltd, Petro SA Ghana Ltd, ENI Ghana Ltd, and Vitol Ghana Ltd, all major players in Ghana’s upstream petroleum industry.
Revenue Decline and the Tax Gap
Data from the Bank of Ghana shows that the bulk of the payments were made by Tullow Ghana Ltd, which contributed US$59.31 million, followed by ENI Ghana Exploration with US$37.62 million, and Vitol Upstream Ghana Ltd with US$20.88 million.
Kosmos Energy Ghana and its subsidiaries paid a combined US$24.63 million, while Petro SA Ghana Ltd contributed US$6.03 million during the period.
PIAC observed that this performance marks one of the lowest half-year corporate tax collections in recent years, suggesting reduced profitability among oil producers, deferred tax obligations, or delayed reconciliation of prior-year accounts.
For an economy seeking to strengthen domestic revenue, the fall in petroleum tax receipts highlights both the vulnerability of Ghana’s petroleum revenue stream and the need for more effective tax audits and recovery mechanisms.
GRA Steps Up Compliance Audits
In response, the Ghana Revenue Authority has stepped up its post-arbitration audit programme aimed at ensuring full compliance from petroleum producers. Following the conclusion of key arbitration cases with some upstream companies, the GRA has launched comprehensive audits covering multiple years.
PIAC reports that:
Kosmos Ghana Ltd is under audit for the period 2021 to 2024,
Tullow Ghana Ltd is being audited for 2020 to 2024,
PetroSA Ghana Ltd is being audited up to 2022, with processes for 2023 and 2024 now beginning,
ENI Ghana Ltd and Vitol Ghana Ltd have made their first corporate tax payments for the period while their audits continue.
These reviews, according to PIAC, form part of a broader effort to recover potential underpaid taxes, improve transparency, and strengthen compliance within the upstream petroleum sector.
PIAC Calls for Vigilance
While commending the GRA for pursuing tax audits and enforcement, PIAC emphasized the need for consistent monitoring to safeguard state revenue and ensure fair contributions from oil companies operating in Ghana.
The Committee also reiterated its longstanding call for improved coordination between the GRA, Ministry of Finance, and petroleum sector regulators to address recurring issues that lead to delayed or reduced corporate tax payments.
With oil prices fluctuating and field production volumes shifting, PIAC warned that Ghana’s fiscal reliance on a narrow set of petroleum taxpayers could pose risks if compliance, profitability, and enforcement are not sustained.
