GHANA’S PETROLEUM REVENUE DROPS TO $399 MILLION IN SECOND HALF OF 2025 – BoG
Central Bank report shows lower crude receipts, reduced transfers to key funds
Ghana earned a total of US$399.65 million in petroleum receipts during the second half of 2025, marking a decline compared to the same period in 2024, according to the Bank of Ghana’s (BoG) latest semi-annual report on petroleum revenue performance.
The receipts, reported under the Petroleum Revenue Management Act (Act 815), covered inflows from crude oil liftings, other petroleum-related revenues, and interest income between July 1 and December 31, 2025.
According to the report, crude oil liftings contributed US$198.25 million, while other petroleum inflows, including corporate taxes and Petroleum Holding Fund (PHF) interest, totalled US$201.40 million. Corporate taxes accounted for US$198.09 million, and interest earnings added US$3.31 million.
The Ghana National Petroleum Corporation (GNPC), acting on behalf of the Government of Ghana, undertook three crude oil liftings during the period, the 83rd and 84th parcels from the Jubilee field and the 18th parcel from the Sankofa Gye Nyame (SGN) field.
Receipts from the Jubilee liftings declined to US$134.55 million from US$144.20 million in the same period of 2024, while SGN proceeds dropped to US$63.70 million from US$68.54 million. The 25th TEN field cargo, valued at US$60.79 million and expected in November 2025, was not received by year-end and therefore excluded from the 2025 figures.
Total petroleum revenue distributed during the period amounted to US$493.40 million, allocated as follows:
- US$42.63 million to GNPC,
- US$285.06 million to the Annual Budget Funding Amount (ABFA),
- US$115.99 million to the Ghana Heritage Fund (GHF), and
- US$49.71 million to the Ghana Stabilisation Fund (GSF).
Allocations to GNPC for Capacity and Infrastructure Programme (CAPI) and Equity Financing Costs (EFC) fell sharply from US$166.29 million in the second half of 2024 to US$42.63 million in the same period of 2025. Transfers to the two sovereign wealth funds also dropped significantly with the Heritage Fund receiving US$115.99 million, down from US$317.81 million, and the Stabilisation Fund US$49.71 million, down from US$136.20 million.
Despite the reduced inflows, the Ghana Petroleum Funds recorded a net realised income of US$28.11 million, up from US$25.29 million in H2 2024. The Heritage Fund accounted for 89.46% (US$25.15 million) of this, while the Stabilisation Fund contributed 10.54% (US$2.96 million).
By the close of 2025, Ghana’s total petroleum fund reserves stood at US$1.55 billion, comprising US$1.38 billion in the Heritage Fund and US$174.98 million in the Stabilisation Fund, compared with US$1.46 billion recorded at the end of 2024.
The BoG report highlights a year marked by lower oil proceeds and reduced budgetary transfers, reflecting both global oil price fluctuations and operational delays in scheduled crude liftings.
Source:NKONKONSA.com
