Ghana’s domestic petroleum revenue took a significant hit in the second half of 2024, plummeting by 62.63%, dropping from US$840.77 million to just US$517 million, according to the Bank of Ghana’s (BoG) Petroleum Funds Report.

Despite this sharp decline, the country achieved its highest-ever annual petroleum revenue, totaling US$1.3 trillion — a historic high since oil production began in Ghana in 2011.

The report, which covers up until December 31, 2024, outlined key sources of revenue, including US$369 million from five crude oil liftings between July and October from the Jubilee, TEN, and Sankofa Gye Nyame fields. Additional revenue came from US$144 million in corporate taxes from oil companies, US$74,000 in Surface Rental fees from Planet One Oil and Gas, and US$3.67 million in accrued interest from the Petroleum Holding Fund.

Despite these gains, oil production has continued to face a downward trend, which has raised concerns. Of the US$454 million allocated to the Ghana Petroleum Funds, US$136.2 million was directed to the Ghana Heritage Fund, meant to preserve wealth for future generations, while US$317.8 million was placed into the Ghana Stabilisation Fund to cushion the country against oil price fluctuations.

The Public Interest and Accountability Committee (PIAC) has urged the government to focus on reversing the declining oil production trend, recommending increased investment in exploration and regulatory reforms to attract new capital to the sector. These measures are seen as essential for sustaining Ghana’s petroleum industry and ensuring long-term energy revenues.

Source:TheDotNews