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Ghana generated $517 million in crude oil revenue during the second half of 2024, according to the Bank of Ghana’s Ghana Petroleum Funds Report for the period ending December 31, 2024.
The report indicates that:
- $369 million came from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil and gas fields between July and October.
- The upstream petroleum sector contributed $144 million in corporate taxes.
- Planet One Oil and Gas Limited paid $74,000 in surface rental fees.
- An additional $3.67 million was earned from interest accrued in the Petroleum Holding Fund.
Of the $454 million allocated to the Ghana Petroleum Funds:
- The Ghana Heritage Fund received $136.2 million.
- The Ghana Stabilisation Fund was allocated $317.8 million.
These funds are essential in ensuring the sustainability of Ghana’s petroleum revenue management. They support key investments in energy, transportation, and education, while the Ghana Stabilisation Fund acts as a buffer against volatile global oil prices, protecting the economy from external shocks.
