Ghana’s oil revenue

Ghana’s Oil Revenue Increases To US$840M In First Half Of 2024

Ghana’s Oil Revenue Increases To US$840M In First Half Of 2024

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,…
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Ghana’s Oil Revenue Dropped To $521M In Second Half Of 2023

Ghana’s Oil Revenue Dropped To $521M In Second Half Of 2023

The latest Ghana Petroleum Holding Fund (PHF) semi-annual report, released by the Bank of Ghana, shows that the country received over $521 million into its Petroleum Holding Fund (PHF) for the second half of 2023. However, this amount represents a decrease compared to the US$696.82 million petroleum receipts recorded during the same period in 2022. The report, released in accordance with Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), outlines details of Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds. The total petroleum revenue receipts consist of proceeds from oil liftings, Corporate Tax,…
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