Ghana Earns $517 Million in Crude Oil Revenue in Second Half of 2024

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.
Breakdown of Revenue Sources
The report indicates that:
- $369 million was accrued from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil fields between July and October 2024.
- The upstream petroleum sector contributed $144 million in corporate taxes.
- Planet One Oil and Gas Limited paid $74,000 in surface rental fees.
- $3.67 million was earned from interest accrued in the Petroleum Holding Fund.
Allocation of Petroleum Funds
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.
Economic Impact
Petroleum revenue remains a crucial driver of Ghana’s economy, supporting public services, infrastructure projects, and economic stability. Investments from these funds benefit key sectors such as energy, transportation, and education.
The Ghana Stabilisation Fund plays a vital role in shielding the economy from fluctuations in global oil prices, ensuring resilience against external shocks.
This steady revenue inflow underscores the continued significance of Ghana’s upstream petroleum sector in driving economic growth and fiscal stability.