Ghana’s Petroleum Revenues Drop 56% in First Half of 2025 – PIAC Report
Ghana’s petroleum receipts have fallen sharply by 56% year-on-year in the first half of 2025, according to the Public Interest and Accountability Committee (PIAC)’s latest Semi-Annual Report on petroleum revenue utilisation.
The report revealed that a total of US$370.34 million was deposited into the Petroleum Holding Fund (PHF) between January and June 2025 — significantly lower than the US$840.77 million recorded in the same period last year.
PIAC attributed the decline to reduced crude oil liftings and falling global oil prices, which negatively affected export revenues from Ghana’s three producing fields — Jubilee, TEN, and Sankofa-Gye Nyame (SGN).
The breakdown of the 2025 first-half petroleum inflows is as follows:
- Carried and Additional Participating Interest (CAPI): US$178.48 million (48%)
- Corporate Income Taxes (CIT): US$148.75 million (40%)
- Royalties: US$40.15 million (10.8%)
- Interest on PHF: US$2.10 million
- Surface Rentals: US$0.86 million (less than 1%)
Since the commencement of oil production in 2011, Ghana’s cumulative petroleum revenue has reached US$11.58 billion, underscoring the sector’s continued contribution to the national economy despite growing volatility.
PIAC cautioned that the sharp fall in revenue could impact government budgeting and energy sector financing, stressing the critical role petroleum proceeds play in Ghana’s public finances.
The Committee urged government to intensify efforts to attract new investments in the upstream oil and gas sector and stabilize production levels to prevent further revenue declines. It also reiterated calls for greater transparency and stronger oversight in the management of petroleum revenues to ensure accountability and long-term sustainability.
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