Ghana Earns $517 Million in Crude Oil Revenue in Second Half of 2024
Crude Oil Revenue Boosts Ghana's Economic Stability and Investment in Key Sectors
- Ghana's crude oil revenue reached $517 million in the second half of 2024
- The report details that $369 million came from crude oil liftings at the Jubilee
- Additionally, $3.67 million was earned from interest in the Petroleum Holding Fund
Ghana’s crude oil revenue reached $517 million in the second half of 2024, according to the latest report from the Bank of Ghana on the country’s petroleum funds for the period ending December 31, 2024.
The report details that $369 million came from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame fields between July and October.
The upstream petroleum sector also contributed $144 million in corporate taxes, with Planet One Oil and Gas Limited paying $74,000 in surface rental fees.
Additionally, $3.67 million was earned from interest in the Petroleum Holding Fund.
The Ghana Petroleum Funds received a total of $454 million, with $136.2 million allocated to the Ghana Heritage Fund and $317.8 million to the Ghana Stabilisation Fund.
These funds are crucial for sustaining Ghana’s petroleum revenue management framework and play a key role in financing essential public services and infrastructure.
The Ghana Stabilisation Fund is particularly important in protecting the economy from the effects of fluctuating global oil prices.
This consistent revenue inflow underscores the vital contribution of Ghana’s upstream petroleum sector to the country’s economic growth and fiscal stability.
