Ghana’s petroleum sector delivered $1.35 billion in revenue in 2024, a 27.8% jump from the previous year, thanks to increased earnings from royalties, Corporate Income Tax (CIT), and Carried and Participating Interest (CAPI), according to the Public Interest and Accountability Committee (PIAC).
The Ghana Revenue Authority, in line with the Petroleum Revenue Management Act, collected these revenues and deposited them into the Petroleum Holding Fund (PHF). Most of the funds came from crude oil liftings, which alone brought in $843.5 million, a 22.2% increase over 2023.
The Jubilee Field led the way, generating $475.4 million from six liftings. CAPI emerged as the largest single revenue stream with $603.5 million, followed by CIT at $502.9 million and royalties at $239.9 million. The fund also earned $10.8 million from investment income.
Despite the strong revenue performance, PIAC flagged serious concerns about accountability. The Ghana National Petroleum Corporation (GNPC) failed to transfer $145.7 million from its Explorco liftings to the PHF, adding to a backlog of nearly $489 million that has remained unpaid since 2022.
Additionally, Ghana is still chasing $2.89 million in surface rental arrears, mostly owed by companies whose petroleum agreements were terminated in 2021. The report also revealed a loss of paid-for gas volumes from the Sankofa Gye Nyame Field due to non-recovery.
PIAC has called for stricter enforcement of revenue transfer obligations and improved resource management to protect Ghana’s economic interests.
