Ghana’s oil revenue surged to $840 million in the first half of 2024, marking a 36 per cent increase from the $540 million recorded during the same period in 2023.
The substantial rise in revenue reflects the robust performance of the country’s oil sector.
The total petroleum revenue receipts encompass proceeds from oil liftings, corporate tax, surface rentals, and interest on the Petroleum Fund account.
According to the Petroleum Holding Fund report released by the Bank of Ghana, the majority of this revenue was generated from oil liftings from six oil fields, contributing $470 million to the total revenue.
Corporate tax revenue amounted to $350 million, surface rentals recorded $580,000, and interest on the Petroleum Fund account reached $7 million.
During the reviewed period, allocations to the Ghana Petroleum Funds included $91 million to the Ghana Stabilization Fund and $39 million to the Ghana Heritage Fund.
This totaled approximately $130 million allocated to the Ghana Petroleum Funds.
The report, released in accordance with 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.
As stipulated by law, the Bank of Ghana is responsible for receiving and disbursing the country’s petroleum revenue.
