Ghana generated $517 million in crude oil revenues during the second half of 2024, as reported by the Bank of Ghana in its latest Ghana Petroleum Funds Report for the period ending December 31, 2024. The report indicates that $369 million was derived from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil and gas fields, with these liftings occurring between July and October.
The upstream petroleum sector contributed $144 million in corporate taxes, while Planet One Oil and Gas Limited paid $74,000 in surface rental fees. Additionally, $3.67 million was earned from interest accrued in the Petroleum Holding Fund. Of the $454 million allocated to the Ghana Petroleum Funds, the Ghana Heritage Fund received $136.2 million, while the Ghana Stabilisation Fund was allocated $317.8 million.
These funds play a crucial role in maintaining the sustainability of Ghana’s petroleum revenue management framework. Petroleum revenue is a cornerstone of Ghana’s economy, providing vital funding for public services, infrastructure development, and economic stability. Key investments supported by these funds cover the energy, transportation, and education sectors. Furthermore, the Ghana Stabilisation Fund helps protect the economy from volatile global oil prices, serving as a buffer against external shocks. This steady inflow of revenue underscores the continued significance of Ghana’s upstream petroleum sector in driving national economic growth and fiscal resilience.
By: Daniel Sackitey
