Ghana generated $517 million in crude oil revenues during the second half of 2024, according to the Bank of Ghana’s latest Petroleum Funds Report.
The report, covering the period ending December 31, 2024, reveals that $369 million was generated from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil fields between July and October. Additionally, the upstream petroleum sector contributed $144 million in corporate taxes, and Planet One Oil and Gas Limited paid $74,000 in surface rental fees.
The Petroleum Holding Fund earned $3.67 million in interest during the same period. A total of $454 million was allocated to the Ghana Petroleum Funds, with the Ghana Heritage Fund receiving $136.2 million and the Ghana Stabilisation Fund allocated $317.8 million.
These funds are critical in ensuring the sustainability of Ghana’s petroleum revenue management, with key investments supporting sectors such as energy, transportation, and education. The Ghana Stabilisation Fund, in particular, acts as a buffer against volatile global oil prices, shielding the economy from external shocks.
Ghana’s petroleum revenue continues to be a vital contributor to the country’s economic growth, providing funding for infrastructure, public services, and economic stability. The consistent revenue inflows underscore the importance of the country’s oil sector in maintaining fiscal resilience.
Source:TheDotNews