Ghana earns over $10bn from 633,300 barrels of crude oil since 2010 – PIAC
Coordinator of the Public Interest and Accountability Committee (PIAC), Isaac Dwamena, has disclosed that Ghana has produced a cumulative total of 633,300 barrels of crude oil since the country began commercial production in 2010, covering the period up to July 2024.
In a detailed breakdown, Mr. Dwamena highlighted the fluctuations in annual production. Ghana produced 10.67 million barrels in 2011, which increased to 11.45 million barrels in 2012 and 18.96 million barrels in 2013.
Production reached 18.68 million barrels in 2014, followed by a slight increase to 19.04 million barrels in 2015. However, output dipped to 11.44 million barrels in 2016.
A significant rise was seen in 2017, with production hitting 24.35 million barrels, and it continued to grow in 2018 to 28.98 million barrels.
The highest production was in 2019 with 34.31 million barrels, though this slightly declined to 34.24 million in 2020. The downward trend continued in 2021 and 2022, with outputs of 27.76 million and 25.85 million barrels, respectively.
In 2023, production amounted to 22.45 million barrels, and as of July 2024, Ghana had already produced 24.86 million barrels, bringing the total production since 2010 to 633,300 barrels.
These figures were shared during a media briefing in Accra on PIAC’s 2024 semi-annual report.
Currently, Ghana’s oil production is driven by three major fields: the Jubilee Oil Field, Sankofa/GyeNyame, and the TEN Fields.
On the revenue side, the state has accrued a total of $10.69 billion from crude oil since 2010, excluding 2011, for which no semi-annual report was available from PIAC.
The first year of substantial earnings was 2012, with $327.17 million, followed by a surge to $596.07 million in 2013.
However, revenues declined between 2014 and 2016, with figures of $410.44 million, $274.47 million, and $126.41 million, respectively.
The trend reversed in 2017 with revenue increasing to $272.68 million and further to $463.57 million in 2018.
The country recorded $363.74 million in 2019, followed by a significant jump to $638.63 million in 2020.
Over the last four years, Ghana has seen substantial gains from its oil sector, with $350.32 million earned in 2021, a peak of $731.94 million in 2022, and a slight drop to $540.46 million in 2023.
However, the first half of 2024 recorded a remarkable increase, with $840.77 million in revenue—the highest since the commencement of oil production.
These revenues were generated from taxes and fees paid to the government, which include Carried and Participating Interest (CAPI), Surface Rentals, the Petroleum Holding Fund (PHF), Corporate Income Tax (CIT), and other income streams from the oil-producing companies.