Ghana’s petroleum revenues hit $1.35bn in 2024

Ghana earned over $1.35 billion in petroleum revenues in 2024. This is a 27.8% increase from the previous year. The growth came mainly from Carried and Participating Interest (CAPI), Corporate Income Tax (CIT), and royalties.

The Ghana Revenue Authority collects these revenues under the Petroleum Revenue Management Act. They gather funds from oil companies and deposit them into the Petroleum Holding Fund (PHF). Payments include royalties, CAPI, CIT, surface rentals, and other sources.

Crude oil liftings contributed $843.5 million to the PHF. This was a 22.2% rise compared to 2023. The Jubilee Field alone accounted for $475.4 million with six liftings recorded.

CAPI was the largest revenue stream at $603.5 million. CIT followed with $502.9 million in revenue. Royalties brought in $239.9 million, while income from PHF investments stood at $10.8 million.

Despite this strong performance, issues remain for Ghana's petroleum sector. Proceeds from GNPC Explorco’s liftings totaled $145.7 million but were not paid into the PHF. This adds to an outstanding amount of nearly $489 million since 2022.

The report also noted $2.89 million in unpaid surface rentals from companies with terminated 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 resources to protect national interests.