Oil Revenues Hit $517 Million in Second Half of 2024
Ghana’s crude oil revenues reached $517 million in the second half of 2024, underscoring the sector’s continued significance to the economy, according to the latest Ghana Petroleum Funds report from the Bank of Ghana.
The report, which covers the period ending December 31, 2024, reveals that $369 million was generated from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame fields between July and October. The upstream sector contributed a further $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 earned from interest accrued in the Petroleum Holding Fund, bringing total inflows to over half a billion dollars for the period.
Of the $454 million allocated to the Ghana Petroleum Funds, the Ghana Heritage Fund—designed to preserve wealth for future generations—received $136.2 million, while the Ghana Stabilisation Fund was allocated $317.8 million to help cushion the economy against oil price volatility.
Petroleum revenue remains a critical pillar of Ghana’s public finances, financing infrastructure projects, social services, and economic development. With global oil markets facing persistent uncertainty, Ghana’s prudent management of its petroleum revenues will be key to maintaining fiscal stability and long-term growth.
