Ghana’s total petroleum revenue for the year 2024 has seen a significant increase, rising by 27.8% to surpass $1.3 billion. This was revealed during the launch of the 2024 Annual Report by the Public Interest and Accountability Committee (PIAC) on Tuesday in Accra.
The event, held in line with Section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815) as amended, marked the release of PIAC’s 27th report since its inception. The 2024 edition covers the full calendar year and offers a comprehensive analysis of petroleum revenue management, including production data, crude oil liftings, revenue allocations, and fund utilization.
Despite the revenue boost, the report highlighted a continued decline in crude oil production, with output dropping for the fifth consecutive year to 48.25 million barrels. This represents a marginal year-on-year decline of 0.01%, with an average annual decrease of 7.4% over the past five years.
PIAC attributed the surge in revenue primarily to higher international crude oil prices. The 2024 figures represent the second-highest annual petroleum revenue since Ghana began oil production in 2011.
Contestine K.M Kudzedi Esq Chairman of PIAC, presented the committee’s findings and urged the government to intensify efforts to attract new investment into the upstream petroleum sector.
“Parliament should ensure that the Ministry of Energy and its aligned agencies increase efforts to secure investment in Ghana’s upstream petroleum industry,” Major stated.
The report also called on key institutions — including the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana, and the Ministry of Energy to collaborate in recovering outstanding Surface Rental arrears.
Furthermore, PIAC reiterated that proceeds from liftings by GNPC’s subsidiary, GNPC Exploreco, constitute indirect state participation and should be paid into the Petroleum Holding Fund in accordance with the PRMA.
