Ghana rakes $840m in oil revenue in first half of 2024

Ghana's crude oil revenue surged by 55.6% in the first half of the year, reaching $840.7 million, a rise driven largely by increased production from the new Jubilee South East well, as reported by the Public Interest and Accountability Committee (PIAC).

The report highlights a 10% year-on-year growth in oil output. However, PIAC raised concerns over unresolved surface rental arrears totaling $1,212,335.53, urging the Ghana Revenue Authority (GRA) to expedite their collection.

Additionally, PIAC recommended that surface rentals be deposited into the Petroleum Holding Fund (PHF) by February 28 each year to ensure revenue gains are managed effectively and contribute to sustainable development.