Ghana’s petroleum revenue dropped sharply by 56 percent year-on-year in the first half of 2025, according to the Public Interest and Accountability Committee (PIAC) in its latest Semi-Annual Report on the management and use of petroleum funds.
The report revealed that US$370.34 million was paid into the Petroleum Holding Fund (PHF) during the period — a steep decline from the US$840.77 million recorded in the same period of 2024.
PIAC attributed the decline to reduced crude oil liftings and a fall in global oil prices, which significantly cut export earnings from Ghana’s three producing fields — Jubilee, TEN, and Sankofa-Gye Nyame (SGN).
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According to the report, the petroleum inflows for the first half of 2025 came from Corporate Income Taxes (CIT), Carried and Additional Participating Interest (CAPI), Royalties, Surface Rentals, and Interest earned on the PHF. The breakdown is as follows:
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CAPI: US$178.48 million (48%)
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CIT: US$148.75 million (40%)
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Royalties: US$40.15 million (10.8%)
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Interest on PHF: US$2.10 million
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Surface Rentals: US$0.86 million (less than 1%)
Since commercial production began in 2011, Ghana’s cumulative petroleum receipts have reached US$11.58 billion, underscoring the sector’s vital role in the national economy despite recent volatility.
PIAC cautioned that the sharp decline in revenue, if not addressed, could strain government finances and disrupt funding for key energy projects. The Committee urged the government to attract fresh investments into the upstream oil and gas sector and to stabilize production to safeguard future earnings.
It also renewed calls for greater transparency and accountability in petroleum revenue management, emphasizing the need for enhanced oversight of state-owned enterprises in the sector to ensure optimal returns to the state.
Story By: Afia Ohenewaa Akyerem