Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), has reported that Ghana’s petroleum revenue for the second half of 2025 fell sharply to US$399.65 million.
The data, contained in the Semi‑Annual Report on the Petroleum Holding Fund (PHF) and Ghana Petroleum Funds (GPFs), highlights persistent challenges for the oil sector amid weaker output and lower global prices.
Between July 1 and December 31, 2025, receipts from crude oil liftings and petroleum‑related taxes totalled US$399.65 million, down considerably from the same period in 2024.
Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields contributed US$198.25 million, while corporate income taxes and interest on the PHF added US$201.40 million.
The report noted that proceeds from a 25th cargo from the TEN field, valued at US$60.79 million and expected in November 2025, were not received by year-end, a factor that partially explains the lower revenue.
Crude oil revenues were significantly below the US$369.25 million generated from liftings in H2 2024. The decline reflects both fewer cargo liftings and slumping oil prices, with Brent crude falling from US$66.61 to US$60.81 per barrel by December 2025 amid global demand uncertainties and geopolitical tensions.
During the period, the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC), carried out three liftings, the 83rd and 84th from Jubilee and the 18th from SGN, fewer than in H2 2024, while proceeds from these liftings were also lower year-on-year.
Despite the weaker inflows, total petroleum revenues distributed during H2 2025 reached US$493.40 million, bolstered by accumulated balances from previous periods. The Annual Budget Funding Amount (ABFA) received the largest share at US$285.06 million to support government programmes.
The Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF) received US$115.99 million and US$49.71 million, respectively, while the GNPC was allocated US$42.63 million for equity financing and participating interests.
The Petroleum Funds also reported positive investment returns during the period, with net realised income of US$28.11 million. The Heritage Fund returned 2.28%, and the Stabilisation Fund posted 2.51%. As of December 31, 2025, total petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.
The Bank of Ghana maintains a cautious outlook for 2026, projecting global oil prices to average around US$62.13 per barrel. The central bank warns that Ghana’s petroleum revenues will remain vulnerable to international market dynamics, including geopolitical tensions and OPEC+ production decisions.
The revenue decline underscores persistent challenges in Ghana’s oil sector, from production and lifting slowdowns to external price pressures, and highlights the need for diversifying revenue sources to ensure fiscal stability in the long term.
By: Bawa Musah
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