Petroleum Funds Close First Half of 2025 with $1.42 Billion Valuation
Ghana’s twin petroleum sovereign wealth vehicles—the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF)—closed the first half of 2025 with a combined balance of $1.42 billion, according to semi-annual data released by the Bank of Ghana under the Petroleum Revenue Management Act.
The report shows that total inflows into the funds for the period amounted to $63.5 million, comprising allocations from three crude oil liftings from the Jubilee and SGN fields. The Ghana Stabilisation Fund received $44.5 million while the Ghana Heritage Fund was allocated $19.1 million.
The closing value of the GSF stood at $122.91 million, significantly down from the $196.92 million recorded at the start of the year. Conversely, the Heritage Fund, which is designed as a long-term savings vehicle, saw its balance rise to $1.30 billion, up from $1.26 billion, with no withdrawals recorded.
Gross receipts from oil liftings in the first half totalled approximately $218.6 million, anchored by proceeds from the 81st and 82nd Jubilee liftings and the 17th SGN lifting. The liftings were monetised through sales to off-takers including Tullow Ghana, Kosmos Energy, ENI Ghana, and Vitol.
Beyond crude sales, the government also collected an array of statutory payments, including surface rentals, corporate income tax, and interest income, cumulatively amounting to over $71 million. Notable contributors included Tullow, Kosmos, ENI Ghana, and PetroSA Ghana.
The Petroleum Holding Fund (PHF), the primary account into which all petroleum receipts are deposited, accrued interest income totalling approximately $1.3 million over the period.
In line with Section 28 of the Petroleum Revenue Management Act, the Bank of Ghana has committed to publishing these allocations and balances on a semi-annual basis to enhance fiscal transparency and ensure public scrutiny over the management of Ghana’s oil revenues.
The outlook for the second half of the year suggests further allocations to the Ghana Petroleum Funds, particularly from liftings whose proceeds were received in H1 but whose distributions are scheduled for H2 2025.
