By Benjamin Nii Nai Anyetei
Ghana’s petroleum revenue declined in the second half of 2025, with total inflows into the Petroleum Holding Fund (PHF) amounting to US$399.65 million, according to the latest semi-annual report from the Bank of Ghana (BoG).
The report, published under the Petroleum Revenue Management Act (Act 815), covers the period July 1 to December 31, 2025, and shows that receipts were drawn from crude oil liftings, corporate income taxes, and interest earned on the PHF account.
Crude oil liftings generated US$198.25 million, accounting for just under half of total petroleum receipts. The remaining US$201.40 million came largely from corporate income taxes, which contributed US$198.09 million, while interest on the PHF added US$3.31 million.
During the period under review, the Ghana National Petroleum Corporation (GNPC), lifting on behalf of the Government of Ghana, undertook three crude oil liftings—the 83rd and 84th parcels from the Jubilee Field and the 18th parcel from the Sankofa Gye Nyame (SGN) Field.
Proceeds from the Jubilee Field amounted to US$134.55 million, a decline from the US$144.20 million recorded from the 81st and 82nd liftings in the second half of 2024. Similarly, revenue from the SGN Field fell to US$63.70 million, compared with US$68.54 million from the 16th lifting in the same period last year.
The BoG also disclosed that proceeds from the 25th cargo from the TEN Field, valued at US$60.79 million, were not received by the end of December 2025, despite being expected on November 16, 2025. As a result, the amount was excluded from petroleum receipts for the year.
Despite the drop in inflows, total petroleum revenue distributed during the period reached US$493.40 million, reflecting the use of accumulated balances. Of this amount, GNPC received US$42.63 million, while the Annual Budget Funding Amount (ABFA) was allocated US$285.06 million. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) received US$49.71 million and US$115.99 million, respectively.
The report showed a significant reduction in allocations to GNPC for its Capacity and Infrastructure Programme (CAPI) and Equity Financing Cost (EFC), which declined to US$42.63 million in the second half of 2025 from US$166.29 million in the same period of 2024. Allocations to the ABFA remained broadly stable, easing slightly from US$287.68 million a year earlier.
Transfers to petroleum savings funds also fell sharply. The Ghana Heritage Fund’s allocation declined to US$115.99 million, down from US$317.81 million in the second half of 2024, while transfers to the Ghana Stabilisation Fund dropped to US$49.71 million, from US$136.20 million over the same period.
Notwithstanding the weaker inflows and reduced allocations, the Ghana Petroleum Funds recorded a net realised income of US$28.11 million in the second half of 2025, up from US$25.29 million in the corresponding period of 2024. The Ghana Heritage Fund contributed US$25.15 million, representing 89.46 per cent of total net income, while the Ghana Stabilisation Fund contributed US$2.96 million, or 10.54 per cent.
As at December 31, 2025, total reserves of the Ghana Petroleum Funds rose to US$1.55 billion, compared with US$1.46 billion a year earlier. The Ghana Heritage Fund accounted for US$1.38 billion of the total reserves, while the Ghana Stabilisation Fund held US$174.98 million.
