Ghana’s oil revenue soared to $840 million in the first half of 2024, reflecting a 36% increase from the $540 million reported during the same period in 2023.
This total revenue includes earnings from oil liftings, corporate taxes, surface rentals, and interest on the Petroleum Fund account.
The Petroleum Holding Fund report from the Bank of Ghana indicates that the bulk of the revenue—$470 million—came from oil liftings across six fields.
Corporate taxes contributed $350 million, surface rentals amounted to $580,000, and interest earnings were $7 million.
During this period, allocations to the Ghana Petroleum Funds included $91 million to the Ghana Stabilization Fund and $39 million to the Ghana Heritage Fund, totaling around $130 million.
The report, issued in accordance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), offers a comprehensive breakdown of Ghana’s crude oil liftings and the distribution to the Ghana Petroleum Funds.
The Bank of Ghana is legally responsible for receiving and managing the country’s petroleum revenue.