Latest data from the Bank of Ghana indicates that Ghana earned US$399.65 million in total petroleum revenue in the second half of 2025, a sharp decline compared to earnings in the same period of 2024.
According to the Semi-Annual Report on the Petroleum Holding Fund (PHF), although the figure reflects combined inflows from crude oil sales and petroleum-related taxes, it falls well below the US$369.25 million generated from crude oil liftings alone in H2 2024, underscoring a slowdown in petroleum revenue performance.
Total receipts between July 1 and December 31, 2025 came from two main sources. Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields generated US$198.25 million, following the lifting of two Jubilee cargoes and one SGN cargo by the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC).
In addition, corporate income taxes and interest on the PHF contributed US$201.40 million, comprising US$198.09 million in taxes and US$3.31 million in interest income.
The report also highlighted the absence of proceeds from the 25th cargo from the TEN field, valued at US$60.79 million. Although the cargo was expected in November 2025, the funds had not been received by year-end and were therefore excluded from reported revenue.
Distribution of Petroleum Revenue
Despite lower inflows, total petroleum revenue distributed in H2 2025 reached US$493.40 million, exceeding receipts from use of accumulated balances and other income.
The Annual Budget Funding Amount (ABFA) received the largest share at US$285.06 million to support government development programmes. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) were allocated US$115.99 million and US$49.71 million, respectively. The GNPC received US$42.63 million to cover equity financing costs and participating interests.
Fund Performance and Reserves
Ghana’s petroleum savings recorded positive returns during the period. The Ghana Petroleum Funds (GPFs) earned a net realised income of US$28.11 million. The Heritage Fund posted a return of 2.28%, while the Stabilisation Fund recorded 2.51%.
As of December 31, 2025, the total value of Ghana’s petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion of the total.
In its outlook, the Bank of Ghana struck a cautious tone for 2026, noting that Brent crude prices fell from US$66.61 to US$60.81 per barrel by the end of 2025.
While the IMF projects global growth of 3.3%, the report warns that Ghana’s petroleum revenues will remain vulnerable to geopolitical tensions in the Middle East and OPEC+ production decisions.
Oil prices are expected to average around US$62.13 per barrel in 2026, suggesting limited upside for petroleum revenue in the near term.
