By Benjamin Nii Nai Anyetei
Ghana’s petroleum revenue fell sharply by 56% year-on-year in the first half of 2025, according to the Public Interest and Accountability Committee (PIAC).
In its 2025 Semi-Annual Report on petroleum revenue utilisation, PIAC disclosed that total deposits into the Petroleum Holding Fund (PHF) amounted to US$370.34 million, a significant drop from US$840.77 million recorded in the same period of 2024.
The Committee attributed the sharp fall to lower crude oil liftings and a decline in global oil prices, both of which reduced export earnings from Ghana’s three producing fields: Jubilee, Tweneboa-Enyenra-Ntomme (TEN), and Sankofa-Gye Nyame (SGN).
PIAC’s data shows that the 2025 first-half inflows came from multiple revenue streams:
- Carried and Additional Participating Interest (CAPI): US$178.48 million (48%)
- Corporate Income Taxes (CIT): US$148.75 million (40%)
- Royalties: US$40.15 million (10.8%)
- Interest on PHF: US$2.10 million
- Surface Rentals: US$0.86 million (less than 1%)
Since Ghana began commercial oil production in 2011, total cumulative petroleum revenue has reached US$11.58 billion, underscoring the sector’s continued fiscal relevance despite production challenges and market volatility.
PIAC cautioned that the continued fall in petroleum receipts could have serious implications for national budgeting, energy sector financing, and the overall fiscal outlook.
“If declining production and low prices persist, Ghana’s petroleum revenues will be severely constrained, impacting key budgetary allocations,” the report noted.
The Committee urged government to attract new upstream investments, stabilize production, and enhance transparency in the management of oil proceeds. It also reiterated the need for stronger oversight of state-owned enterprises involved in petroleum operations to maximize returns to the state.
The fall in petroleum revenue mirrors Ghana’s 25.9% drop in crude oil output reported in the same period , mainly due to operational shutdowns, reservoir decline, and maintenance activities across the Jubilee, TEN, and SGN fields.
