Ghana accrued $370.78m from crude oil in the first six months of the year, according to the Bank of Ghana’s semi-annual report.
The proceeds seemed to come from crude oil sales, corporate taxes, and other petroleum-related income collected between January and June this year.
The report indicated that Ghana earned $218,629,192.63 from three oil fields: the Jubilee 81st Lifting, the GN 17th Lifting and the Jubilee 82nd Lifting – with the two Jubilee liftings contributing $144,202,351, while the GN lifting contributed $74,426,842.12.
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Subsequently, Ghana earned $148,753,288.61 from corporate taxes paid by some 13 oil companies, with Tullow Oil Ghana and ENI Ghana being the largest contributors with $40,052,449.00 and $37,623,147.27, respectively.
Additional income streams included $863,045.81 from surface rentals and $2.38 million in interest earnings from the Petroleum Holding Fund. The funds have been allocated according to the Petroleum Revenue Management Act, with $63.53 million distributed to the Ghana Petroleum Funds.
The Ghana Stabilisation Fund received $44.47 million, while the Ghana Heritage Fund was allocated $19.06 million.
However, in 2024, Ghana’s oil revenue increased to $840m in the first half of the year. This amount represented a 36% increase compared to the $540 million recorded during the same period in 2023.
The decline from $840m in the H1 OF 2024 to $370.78m in the H1 of 2025 represents a sharp downward adjustment of 55.86%. This reduction affects Ghana in diverse, significant ways.
According to a policy analyst, @callmeAlfredo on X [formerly Twitter], apart from the reduction in the Dollar terms, the recent appreciation of the Ghanaian Cedi means the country would receive less local currency revenue than projected and may end up affecting major policy promises.
“Beyond the significant decline in dollar terms, the rapid appreciation of the Cedi also means lower revenue to the government in Cedi terms than anticipated. In the mid-year review, the Finance Minister indicated that oil revenues were ¢2.7b below target. This has significant implications for the “Big push””, he tweeted.