GHANA'S PETROLEUM REVENUE SURGES TO $1.35 BILLION IN 2024

Ghana's petroleum revenue rose to $1.35 billion in 2024, representing a 27.8% increase from the $1.06 billion earned in 2023. This growth occurred despite a continued decline in crude oil production, which fell for the fifth consecutive year to 48.25 million barrels- down from a peak of 71.44 million barrela in 2019.

The revenue boost was mainly due to higher earnings from Carried and Participating Interest (CAPI), Corporate Income Tax (CIT), and royalties. Crude oil liftings contributed $843.5 million to the Petroleum Holding Fund (PHF),with the jubilee Field alone generating $475.4 million from six liftings.

The Public Interest and Accountability Committee (PIAC) noted that the increase was driven by favorable global oil prices and urged the government to attract more investment into the upstream petroleum sector to reverse the ongoing production sector to reverse the ongoing production decline.

The 2024 figure marks Ghana's second-highest annual petroleum revenue since it began oil production in 2011, with the highest being $1.42 billion in 2022.