Ghana Reaps $10 Billion from Crude Oil Production Since 2010 – PIAC Reports
PIAC Reports Show Production Peaks and Revenue Highs Across Jubilee, Sankofa, and TEN Fields
- Ghana has produced 633,300 barrels of crude oil since 2010
- Oil revenues have surpassed $10 billion, with 2024 alone seeing a peak of $840.77 million in just the first half of the year
- Oil income supports government budgets through taxes
Ghana has accumulated over $10 billion in revenue from 633,300 barrels of crude oil produced between 2010 and July 2024, as reported by the Public Interest and Accountability Committee (PIAC) Coordinator, Isaac Dwamena.
This milestone reflects production across Ghana’s Jubilee, Sankofa/GyeNyame, and TEN oil fields.
Production figures have fluctuated, with notable increases in recent years. For instance, production rose to 28,982,05 barrels in 2018 and peaked at 34,309,68 barrels in 2019, but later dipped in 2021 and 2022.
By July 2024, Ghana produced 24,857,78 barrels, marking a cumulative total of 633,300 barrels.
Annual oil revenue also varied. Starting at $327.17 million in 2012, revenue hit $731.94 million in 2022. In just the first half of 2024, Ghana collected $840.77 million—the highest since production began.
This income, derived from taxes on Carried and Participating Interest (CAPI), Surface Rentals, the Petroleum Holding Fund (PHF), Corporate Income Tax (CIT), and other sources, supports Ghana’s economic landscape and government projects.
