Ghana’s oil income rises to US$840 million in the first half of 2024.

Ghana’s oil income grew to US$840 million in the first half of 2024. This figure represents a 36% rise over the US$540 million achieved during the same time in 2023.

Petroleum revenue receipts include income from oil liftings, corporation taxes, surface rental, and interest on the Petroleum Fund account.

According to the Petroleum Holding Fund report provided by the Bank of Ghana, the majority of the money came from liftings from six oil fields.

• Ghana’s crude oil production sees average decline of 9.2 per cent

These added US$ 470 million to the overall income.

Corporate tax revenue was $350 million, surface rentals were $580,000, and interest income was $7 million.

The Ghana Petroleum Funds received the following allocations during the review period.

The Ghana Stabilization Fund received US$91 million, and the Ghana Heritage Fund received US$39 million, totalling about US$130 million.

The report, released in accordance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), outlines details of Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.

As per the law, the Bank of Ghana is responsible for receiving and disbursing petroleum revenue for the country.