Ghana records over 55% increase in petroleum revenue for 1st half of 2024
Ghana’s crude oil production has seen a significant return to positive outcome in the first half of the year, as production surpasses that of the same period last year.
There has been a 55.6 percent increase in revenue received for the period as a result of higher production, which recorded over 10 percent increase.
According to the semi-annual report of the Public Interest and Accountability Committee (PIAC), the increase is influenced by the coming on stream of the new well known as the Jubilee South East.
In financial terms, Ghana received 840.7 million dollars in the first half of the year as against 540 million dollars in the same period last year.
Chairman of PIAC, Constantine Kudzedzi explains that this is the highest half year revenue since the beginning of production.
“Now we are dealing with half year 2024, you will see that it is slightly higher that last year, so the conclusion there is that, in terms of 1st January 2024 to 30th June 2024, production of crude oil has gone up slightly as against first half of 2023 which is January to June 2023. So there is a slight improvement and we hope that it continues through out the year. If that continues, then there is a likelihood that crude oil production will be better this year as against 2023”, he said.
The 2024 Semi-Annual Report covers the period January to June 2024 and encompasses a broad range of issues relating to petroleum revenue management such as information on production, liftings, total revenues due the State and subsequent allocations by Government, Annual Budget Funding Amount (ABFA) utilisation, and the management of the funds set aside in the Ghana Petroleum Funds (Ghana Stabilisation Fund and the Ghana Heritage Fund).
This Report also examines other issues pertinent to the performance of various institutions charged with responsibilities in the PRMA, including PIAC. The findings and recommendations presented in this Report are intended to shape policy formulation and to drive advocacy for the prudent management of petroleum revenues in Ghana.