Ghana’s petroleum industry is approaching a significant milestone, generating nearly US$12 billion in revenue since commercial production began in 2011. However, the latest figures also point to a growing concern—declining output within the sector.
Data from the 2025 Annual Report of the Public Interest and Accountability Committee (PIAC) shows that total petroleum receipts have reached US$11.97 billion, reflecting the sector’s continued importance to government finances.
A breakdown of the 2025 revenue streams reveals a heavy dependence on upstream taxation and state participation. Corporate Income Tax (CIT) emerged as the largest contributor, accounting for US$346.8 million, representing 45 per cent of total inflows. Closely following was Carried and Participating Interest (CAPI), which contributed US$339.3 million, making up 44 per cent.
Royalties generated a comparatively smaller share of US$77.6 million, equivalent to 10.1 per cent, while other revenue sources remained marginal, contributing just US$6.5 million.
The figures were presented in Accra by PIAC Chairman, Richard Ellimah, during the official launch of the 2025 report.
The revenue composition highlights a structure largely driven by corporate performance and investment returns in the upstream sector, rather than diversified income streams. This trend reflects both the profitability patterns of oil production and the fiscal framework governing Ghana’s petroleum agreements.
Beyond revenue generation, the report also outlines how funds were distributed across key state institutions in 2025. The Annual Budget Funding Amount (ABFA) received the largest share at US$433.29 million, reinforcing its role in supporting government expenditure and national development priorities.
Allocations to the Ghana National Petroleum Corporation (GNPC) stood at US$107.89 million, marking a significant decline of 61.55 per cent compared to previous years. The reduction raises questions about reinvestment capacity within the national oil company.
Meanwhile, the Ghana Stabilisation Fund (GSF), which is designed to cushion the economy against oil price volatility, received US$160.46 million. The Ghana Heritage Fund (GHF), aimed at preserving petroleum wealth for future generations, was allocated US$68.77 million.