Petroleum Revenues Drop 56% in H1 2025 to $370.34m
Ghana’s petroleum receipts for the first half of 2025 fell sharply by 56 percent year-on-year, according to the Public Interest and Accountability Committee (PIAC) in its 2025 Semi-Annual Report on the utilisation of revenue from the country’s crude oil production.
The report revealed that a total of US$370,343,681.17 was lodged into the Petroleum Holding Fund (PHF) for the period under review, compared with US$840,765,265.80 recorded in the same period of 2024.
PIAC attributed the decline to lower crude oil liftings and a drop in global oil prices, which affected export revenues across Ghana’s producing fields — Jubilee, TEN, and Sankofa-Gye Nyame (SGN).
The 2025 first-half petroleum receipts were derived from Corporate Income Taxes (CIT), Carried and Additional Participating Interest (CAPI), Royalties, Surface Rentals, and Interest on the PHF.
Of the total receipts, CAPI contributed US$178,481,074.52 (48%), CIT generated US$148,753,288.61 (40%), while Royalties yielded US$40,148,118.11 (10.8%). Interest on the PHF amounted to US$2,098,154.12, and Surface Rentals accounted for US$863,045.81, representing less than one percent of total inflows.
PIAC noted that from 2011 to date, Ghana’s cumulative petroleum revenues have reached US$11.58 billion, underscoring the sector’s continued importance to public finances despite recent volatility.
The Committee in the report reiterated its call for enhanced transparency in petroleum revenue management and urged the government to strengthen oversight of state-owned enterprises in the upstream sector to ensure optimal returns to the state.
