Ghana’s Oil Revenue Climbs 36% to $840m in First Half of 2024
Ghana’s oil revenue has surged to $840 million in the first half of 2024, marking a 36% increase compared to $540 million during the same period in 2023, according to the latest Petroleum Holding Fund report released by the Bank of Ghana.
The significant increase in revenue is attributed to higher proceeds from various sources:
– Oil Liftings: Contributed $470 million from six oil fields.
– Corporate Tax: Generated $350 million.
– Surface Rentals: Accounted for $580,000.
– Interest on Petroleum Fund: Yielded $7 million.
The Bank of Ghana, in accordance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), allocated $91 million to the Ghana Stabilization Fund and $39 million to the Ghana Heritage Fund, totaling approximately $130 million.
The report underscores Ghana’s growing prowess in the petroleum sector, highlighting the country’s effective management and strategic allocation of its oil revenues.
As mandated by law, the Bank of Ghana remains responsible for the receipt and disbursement of petroleum revenues, ensuring transparency and accountability in the sector.
With the extractive sector showing promising signs and consumer spending remaining robust with GDP growth rate for 2024 projected to be 4.3% by Fitch Solutions, the outlook for Ghana’s economy continues to brighten, further bolstered by these substantial increases in oil revenue.
