Petroleum Receipts Hit Second-Highest Level at $1.35 Billion Despite Production Decline
Ghana’s total petroleum revenues surged by 27.8% in 2024, rising to $1.35 billion from the $1.06 billion recorded in 2023, the 2024 Annual Report of the Public Interest and Accountability Committee (PIAC) has revealed.
The revenue performance for 2024 marks the second-highest annual petroleum receipts since the inception of petroleum production in 2011. The highest revenue year remains 2022, when Ghana raked in $1.42 billion in petroleum revenues.
According to PIAC, the significant increase in revenue for 2024 was mainly driven by improved international crude oil prices, despite a marginal decline in oil production volumes.
Crude oil production, the report noted, fell for the fifth consecutive year, dropping to 48.25 million barrels in 2024 from a peak of 71.44 million barrels in 2019. This represents a year-on-year decline of 0.01% and an average annual decline of 7.4% over the past five years.
Concerned about the persistent decline in production, PIAC has urged government to take immediate steps to attract new investments into Ghana’s upstream petroleum sector.
“Parliament should ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments in Ghana’s upstream petroleum industry,” the report recommended.
The 14th edition of the Annual PIAC Report covers the period January to December 2024 and provides a comprehensive assessment of petroleum revenue management in the country. Key areas of focus include production data, liftings, total revenue accrued to the State, allocations, utilisation of the Annual Budget Funding Amount (ABFA), and the management of the Ghana Petroleum Funds—comprising the Ghana Stabilisation Fund and the Ghana Heritage Fund.
The report also evaluates the performance of key institutions mandated under the Petroleum Revenue Management Act (PRMA), including PIAC itself. Its findings and policy recommendations are aimed at strengthening transparency, accountability, and effective resource governance in Ghana’s petroleum sector.
