In 2024, Ghana generated over $1.35 billion in petroleum revenues, marking a 27.8% increase from the previous year. This growth was primarily fueled by increased earnings from Carried and Participating Interest (CAPI), Corporate Income Tax (CIT), and royalties.
The Ghana Revenue Authority, as per the Petroleum Revenue Management Act, was responsible for collecting revenues from oil companies and depositing them into the Petroleum Holding Fund (PHF).
These payments encompassed royalties, CAPI, CIT, surface rentals, and other revenue sources.
Crude oil liftings contributed $843.5 million to the PHF, reflecting a 22.2% increase from 2023, with the Jubilee Field alone generating $475.4 million from six recorded liftings.
CAPI emerged as the largest revenue source, amounting to $603.5 million, followed by CIT at $502.9 million, and royalties at $239.9 million, while PHF investments reached $10.8 million.
However, challenges persist, as proceeds from GNPC Explorco’s liftings, totaling $145.7 million, were not deposited into the PHF, contributing to an outstanding balance of nearly $489 million since 2022.
The report also highlighted $2.89 million in unpaid surface rentals, primarily from companies with terminated petroleum agreements, and noted the loss of paid-for gas volumes from the Sankofa Gye Nyame Field due to non-recovery.
PIAC underscored the necessity for full adherence to revenue transfer regulations and improved management of petroleum resources to protect national interests.
