Ghana’s oil revenue has climbed to US$840 million in the first half of 2024, marking a 36% rise from the US$540 million recorded in the same period of 2023.

According to the Petroleum Holding Fund report released by the Bank of Ghana, the total petroleum revenue receipts include earnings from oil liftings, corporate tax, surface rental, and interest on the Petroleum Fund account.

Most of the revenue received was attributed to liftings from six oil fields.

These contributed US$ 470 million to the total revenue.

Revenue from Corporate tax amounted to US$ 350 million, surface rentals recorded US$ 580,000 and Interests amounted to US$7 million.

During the period under review, allocations to the Ghana Petroleum Funds were as follows.

The Ghana Stabilization Fund received US$91 million, and the Ghana Heritage Fund received US$39 million, totalling about US$130 million.

In compliance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), the released report provides insights into Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.

The Bank of Ghana is mandated by law to receive and distribute petroleum revenue on behalf of the country.

Annual oil income as a share of Gross Domestic Product 2019-2023

As of the second quarter of 2023, the government of Ghana’s revenue from oil represented 0.7 percent of its GDP.

In the full year 2022, the share reached two percent, increasing from the 0.9 percent registered in 2021.

Ghana’s income from oil amounted to around 12 billion GHS in 2022, roughly one billion U.S. dollars.