Ghana’s petroleum revenue surged to US$1.36 billion in 2024, marking a 27.8% increase from the previous year, despite a continuous decline in crude oil production, according to the Public Interest and Accountability Committee (PIAC). This report, presented by Samuel Bekoe during the Eastern Zonal Media Engagement in Koforidua, highlights that the revenue is the second highest since oil production began in 2010, attributed mainly to favorable global oil prices.
Total crude oil production fell to 48.24 million barrels, continuing a five-year downward trend from a peak of 71.44 million barrels in 2019. The resilience of Ghana’s petroleum sector is evident, as the increase in revenue occurred alongside this production decline. Additionally, raw gas production reached 280,511.03 MMSCF, with nearly half sourced from the SGN field.
The revenue streams included US$603.5 million from Carried and Participating Interest, US$502.87 million in Corporate Income Tax, and US$239.98 million in royalties. The Petroleum Holding Fund allocated significant portions to the Ghana National Petroleum Corporation (US$280.6 million) and the Annual Budget Funding Amount (US$493.3 million). However, concerns arose as no funds were allocated to industrialization in 2024, despite it being a stated priority.
The report also noted issues such as no new petroleum agreements signed in 2024 and significant unpaid revenues from GNPC Explorco. PIAC recommended that the government ensure industrialization is not just prioritized but adequately funded, alongside steps to recover outstanding surface rentals and attract upstream investments.