Ghana earns over $1.35 billion in petroleum revenue for 2024 – PIAC report

By: Nii Ammui Fio | 2 mins read

Ghana generated a total of US$1.36 billion in petroleum revenue in 2024, marking a 27.8 percent increase from the US$1.06 billion earned in 2023, according to the latest report from the Public Interest and Accountability Committee (PIAC).

In its 2024 Annual Report, PIAC attributed the revenue boost primarily to favorable oil prices, noting that the year’s earnings represent the second-highest petroleum receipts since the inception of oil production in the country. The highest was recorded in 2022, when the country earned US$1.42 billion.

Despite the overall positive revenue outlook, PIAC flagged several concerns about accountability and fund management. The Committee disclosed that US$145.68 million from GNPC Explorco’s liftings was not paid into the Petroleum Holding Fund (PHF).

This adds to a cumulative unpaid amount of US$488.79 million held by JOHL and subsequently GNPC Explorco as of the end of 2024. GNPC, however, contends that such liftings do not qualify as PHF contributions.

The report also revealed that surface rental arrears from International Oil Companies (IOCs) amounted to US$2.89 million, with most of the debt owed by companies whose petroleum agreements were terminated in 2021.

In a notable setback, Ghana failed to recover a Make-Up Gas (MUG) volume of 1,186.81 MMSCF it had already paid for from the SGN Field. This resulted in a loss of paid raw gas that could have been used to meet domestic needs.

On disbursements, the Ghana National Petroleum Corporation (GNPC) received US$280.59 million for equity financing and its participating interests—figures that exceeded both its 2024 budgeted allocation and 2023 actual receipts by over 12 and 14 percent, respectively.

The Annual Budget Funding Amount (ABFA) received US$493.25 million, which was 14.27 percent below the projected allocation. PIAC explained that while the target was met in the last three quarters of the year, a 57.08 percent shortfall in the first quarter significantly impacted total transfers.

In line with the Petroleum Revenue Management Act, Ghana also allocated US$584.25 million to the Ghana Petroleum Funds (GPFs)—comprising US$408.97 million to the Ghana Stabilisation Fund (GSF) and US$175.27 million to the Ghana Heritage Fund (GHF)—in the statutory 70:30 ratio. Both funds saw their highest transfers in quarters where ABFA targets were met.

While the revenue inflow brings a strong financial boost, PIAC’s report highlights the need for stricter compliance with petroleum fund laws and improved transparency in revenue management.

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