Ghana’s Petroleum Revenue Drops By 56% In H1 2025 — PIAC Report
Ghana’s petroleum receipts fell by 56% year-on-year in the first half of 2025. This is according to the Public Interest and Accountability Committee (PIAC) in its latest Semi-Annual Report on petroleum revenue utilisation.
The report shows that US$370.34 million was deposited into the Petroleum Holding Fund (PHF) during the period, down from US$840.77 million recorded in the same period of 2024.
PIAC attributed the sharp decline to lower crude oil liftings and a drop in global oil prices, which reduced export revenues from Ghana’s three producing fields — Jubilee, TEN, and Sankofa-Gye Nyame (SGN).
The 2025 first-half petroleum inflows came from Corporate Income Taxes (CIT), Carried and Additional Participating Interest (CAPI), Royalties, Surface Rentals, and Interest on the PHF.
Of the total receipts:
- CAPI contributed US$178.48 million (48%)
- CIT generated US$148.75 million (40%)
- Royalties yielded US$40.15 million (10.8%)
- Interest on the PHF amounted to US$2.10 million
- Surface Rentals brought in US$0.86 million, less than 1% of total inflows.
Since the start of oil production in 2011, Ghana’s cumulative petroleum revenue has reached US$11.58 billion, highlighting the sector’s continued importance to the economy despite recent volatility.
PIAC warned that the sharp revenue decline, if not addressed, could have implications for government budgeting and energy sector financing, given the importance of petroleum proceeds to Ghana’s public finances.
The Committee also urged government to intensify efforts to attract new investments into the upstream oil and gas sector and stabilize production levels, stressing that sustained declines in output would further weaken petroleum revenues and the country’s fiscal outlook.
PIAC further reiterated its call for greater transparency in petroleum revenue management and urged government to enhance oversight of state-owned enterprises in the upstream sector to ensure maximum returns to the state.
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