Ghana’s oil revenue surged to $840 million in the first half of 2024, marking a 36% increase from the $540 million recorded in the same period in 2023.
The total petroleum revenue comprises proceeds from oil liftings, corporate taxes, surface rentals, and interest on the Petroleum Fund account.
According to the Petroleum Holding Fund report released by the Bank of Ghana, most of the revenue came from liftings from six oil fields, which contributed $470 million to the total revenue.
Corporate tax revenue amounted to $350 million, surface rentals recorded $580,000, and interest earnings totalled $7 million.
During this period, allocations to the Ghana Petroleum Funds included $91 million to the Ghana Stabilization Fund and $39 million to the Ghana Heritage Fund, totalling approximately $130 million.
The report, released under section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), provides detailed information on Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.
The Bank of Ghana is mandated by law to receive and disburse the country’s petroleum revenue.
