In the second half of 2024, Ghana earned $517 million in crude oil revenues.
Ghana earned $517 million in crude oil revenue during the second half of 2024, according to the Bank of Ghana’s latest Ghana Petroleum Funds Report for the period ending December 31, 2024.
The report shows that $369 million came from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil and gas fields between July and October. The upstream petroleum sector also contributed $144 million in corporate taxes, while Planet One Oil and Gas Limited paid $74,000 in surface rental fees.
An additional $3.67 million was generated from interest accrued in the Petroleum Holding Fund.
Of the $454 million allocated to the Ghana Petroleum Funds, $136.2 million went to the Ghana Heritage Fund, and $317.8 million was allocated to the Ghana Stabilisation Fund. These funds play a critical role in supporting Ghana’s petroleum revenue management framework.
Petroleum revenue remains a cornerstone of Ghana’s economy, providing essential funding for public services, infrastructure, and economic stability. Investments funded by these revenues benefit sectors such as energy, transportation, and education.
The Ghana Stabilisation Fund is particularly important in protecting the economy from fluctuations in global oil prices, offering a cushion against external economic shocks.
This steady revenue stream underscores the ongoing significance of Ghana’s upstream petroleum sector in driving national economic growth and fiscal resilience.
