Ghana earned a total of US$1,357,793,869.40 in petroleum revenue in 2024, representing a 27.8% increase over the previous year’s figure of US$1.06 billion, the Public Interest and Accountability Committee (PIAC) has disclosed in its 2024 Annual Report.
“This performance, mainly due to an increase in global oil prices, is the second highest annual petroleum revenue since oil production began,” PIAC stated, noting that 2022 remains the peak year with over US$1.42 billion earned.
However, the report raised red flags over some significant lapses in revenue management. PIAC revealed that US$145.68 million in proceeds from GNPC Explorco’s oil liftings were not paid into the Petroleum Holding Fund (PHF). This, it said, pushed the total unpaid revenue from similar transactions to nearly US$488.79 million by the end of 2024. GNPC maintains that these revenues are not legally required to be deposited into the PHF.
Another concern is the accumulated surface rental arrears, which stood at US$2.89 million by year-end, with about 60% owed by companies whose contracts were terminated in 2021.
In terms of losses, Ghana was unable to recover 1,186.81 million standard cubic feet (MMSCF) of Make-Up Gas (MUG) from the SGN Field despite having paid for it, resulting in a forfeiture of valuable raw gas resources.
The Ghana National Petroleum Corporation (GNPC) received US$280.59 million for equity financing and participating interests—exceeding its budgeted allocation by 12.05% and surpassing 2023 receipts by 14.25%.
Meanwhile, a total of US$493.25 million was transferred to the Annual Budget Funding Amount (ABFA). Despite actual petroleum revenue exceeding projections by over 26%, the ABFA fell short of its budget target by 14.27%, primarily due to a shortfall in the first quarter when only 42.92% of the quarterly target was achieved.
The Ghana Petroleum Funds (GPFs) received US$584.25 million, split between the Ghana Stabilisation Fund (GSF) with US$408.97 million, and the Ghana Heritage Fund (GHF) with US$175.27 million. This 70:30 allocation ratio is in line with the requirements of the Petroleum Revenue Management Act.
PIAC’s report underscores the importance of not only maximizing petroleum revenue but also ensuring that the funds are fully accounted for and disbursed transparently to support national development.
