Ghana’s oil revenue has surged to $840 million in the first half of 2024, marking a 36% increase from the $540 million recorded during the same period in 2023.
The increment in revenue was primarily driven by proceeds from oil liftings, corporate tax, surface rental, and interest on the Petroleum Fund account.
According to the Petroleum Holding Fund report released by the Bank of Ghana, oil liftings from six fields alone contributed $470 million to the total revenue.
Corporate tax revenue amounted to $350 million, surface rentals brought in $580,000, and interest added another $7 million.
Allocations to the Ghana Petroleum Funds during this period included $91 million to the Ghana Stabilization Fund and $39 million to the Ghana Heritage Fund, totaling approximately $130 million.
The report, in accordance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), details Ghana’s crude oil liftings and the allocations made to the Ghana Petroleum Funds.
