|
Getting your Trinity Audio player ready...
|
Ghana’s domestic petroleum revenue experienced a significant decline in the second half of 2024, falling by 62.63% to US$517 million, down from US$840.77 million, according to the Bank of Ghana’s (BoG) Petroleum Funds Report.
Despite this sharp drop, total annual petroleum revenue for 2024 reached US$1.3 trillion, the highest since the country began oil production in 2011.
The report, which covers the period up to December 31, 2024, highlighted key revenue streams. These include US$369 million from five crude oil liftings between July and October from the Jubilee, TEN, and Sankofa Gye Nyame (SGN) fields. Additionally, Ghana earned approximately US$144 million in corporate taxes from oil sector companies, US$74,000 in surface rental fees from Planet One Oil and Gas Limited, and US$3.67 million in accrued interest from the Petroleum Holding Fund.
Allocation of Ghana’s Petroleum Funds
Of the US$454 million allocated to the Ghana Petroleum Funds, a total of US$136.2 million was directed into the Ghana Heritage Fund (GHF), which is designed to safeguard wealth for future generations. Meanwhile, US$317.8 million was deposited into the Ghana Stabilisation Fund, aimed at cushioning the economy against oil price fluctuations.
Concerns Over Declining Oil Production
Despite the record revenue in early 2024, Ghana’s overall oil production has continued to decline. In response, the Public Interest and Accountability Committee (PIAC) has called on the government to take urgent steps to reverse this trend.
PIAC has urged authorities to increase investment in exploration data and implement regulatory reforms to attract fresh capital into the sector. According to the committee, these measures are critical for revitalizing the petroleum industry and ensuring Ghana’s long-term energy revenues.
SOURCE: B&FT
Email Daily Mail GH: stories@dailymailgh.com or
Whatsapp: +233(0)509928122
