Ghana’s oil revenue reaches $1.35 billion in 2024
Ghana earned over $1.35 billion in petroleum revenues in 2024, representing a 27.8% increase compared to the previous year. The growth was mainly driven by higher income from Carried and Participating Interest (CAPI), Corporate Income Tax (CIT), and royalties.
The Ghana Revenue Authority, mandated by the Petroleum Revenue Management Act, collected revenues from oil companies and paid them into the Petroleum Holding Fund (PHF). Payments included royalties, CAPI, CIT, surface rentals, and other sources.
Crude oil liftings contributed $843.5 million to the PHF. This was a 22.2% rise from 2023. The Jubilee Field alone accounted for $475.4 million, with six liftings recorded.
CAPI was the largest revenue stream, totaling $603.5 million. CIT followed with $502.9 million. Royalties brought in $239.9 million, while income from PHF investments stood at $10.8 million.
Despite the strong performance, issues remain. Proceeds from GNPC Explorco’s liftings, totaling $145.7 million, were not paid into the PHF. This adds to an outstanding amount of nearly $489 million since 2022.
The report also flagged $2.89 million in unpaid surface rentals, mostly from companies with terminated petroleum agreements. Additionally, Ghana lost paid-for gas volumes from the Sankofa Gye Nyame Field due to non-recovery.
PIAC emphasized the need for full compliance with revenue transfer requirements and better management of petroleum resources to safeguard national interest.
