Crude oil earnings dropped in 2025 due to reduced liftings
The Public Interest and Accountability Committee (PIAC) 2025 Semi-Annual Report on Ghana’s revenue from crude oil production shows that petroleum receipts for the first half of 2025 fell by 56 percent.
According to the report, $370,343,681.17 was lodged into the Petroleum Holding Fund (PHF) during the period under review, compared to $840,765,265.80 recorded in 2024.
PIAC attributed the decline to lower crude oil liftings and a drop in global oil prices, which affected export revenues across Ghana’s producing fields, Jubilee, TEN, and Sankofa-Gye Nyame (SGN).
The 2025 first-half petroleum receipts were derived from Corporate Income Taxes (CIT), Carried and Additional Participating Interest (CAPI), Royalties, Surface Rentals, and Interest on the PHF.
Of the total receipts, Carried and Additional Participating Interest (CAPI) contributed $178,481,074.52, representing 48 percent; Corporate Income Taxes (CIT) generated $148,753,288.61, representing 40 percent; while Royalties yielded $40,148,118.11, representing 10.8 percent.
PIAC flags incomplete and defective oil-funded projects in Ghana
Interest on the PHF amounted to $2,098,154.12, and Surface Rentals accounted for $863,045.81, representing less than one percent of total inflows.
PIAC noted that from 2011 to date, Ghana’s cumulative petroleum revenues have reached $11.58 billion, underscoring the sector’s continued importance to public finances despite recent volatility.
The committee, in the report, reiterated its call for enhanced transparency in petroleum revenue management and urged the government to strengthen oversight of state-owned enterprises in the upstream sector to ensure optimal returns to the state.
SP/AE
Watch the latest edition of BizTech below: