Ghana’s oil revenue increases to US$840m in first half of 2024

Ghana’s oil revenue has increased to US$840m in the first half of 2024. This amount represents a 36% increase compared to the US$540 million recorded during the same period in 2023.

The total petroleum revenue receipts consist of proceeds from oil liftings, corporate tax, surface rental, as well as interest on the Petroleum Fund account.

According to the Petroleum Holding Fund report released by the Bank of Ghana, most of the revenue received was from 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.

The report, released in accordance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), outlines details of Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.

As per the law, the Bank of Ghana is responsible for receiving and disbursing petroleum revenue for the country.

Read Full Story