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Ghana’s oil revenue surged to US$840 million in the first half of 2024, representing a 36% increase compared to the US$540 million recorded during the same period in 2023.
According to the Petroleum Holding Fund report released by the Bank of Ghana, this increase in revenue was driven primarily by proceeds from oil liftings, which amounted to US$470 million from six oil fields.
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Additionally, corporate tax contributions totaled US$350 million, while surface rentals and interest on the Petroleum Fund account brought in US$580,000 and US$7 million, respectively.
In compliance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), the revenue was allocated to the Ghana Petroleum Funds, with the Ghana Stabilization Fund receiving US$91 million and the Ghana Heritage Fund receiving US$39 million, totaling approximately US$130 million.
The Bank of Ghana is responsible for managing the receipt and disbursement of these petroleum revenues, ensuring transparency and proper allocation.
This significant increase in oil revenue highlights the critical role of the petroleum sector in Ghana’s economy and reflects effective management and successful operations within the industry.
