Ghana made $10.69 billion from crude oil from 2010 to 2024 – PIAC

Since the commencement of crude oil production in 2010, Ghana has produced oil worth $10.69 billion with a total of 633,300 barrels.

The country earned $327.17 million in the first year of oil production in 2012. This revenue surged to $596.07 million in the following year, 2013.

However, from 2014 to 2016, oil revenue generation for the country declined to $410.44 million, $274.47 million, and $126.41 million respectively.

In 2017, the revenue began to surge reaching $272.68 million, followed by $463.57 million in 2018.

In 2019, the revenue was $363.74 million, and it increased further to $638.63 million in 2020.

Over the last four years, the country has seen substantial earnings from the oil industry, with $350.32 million in 2021 and $731.94 million in 2022.

In 2023 the revenue dropped to $540.46 million, but a significant increase was recorded between January and July 2024, reaching $840.77 million, the highest revenue generated since 2010.

Ghana has three oil fields in commercial production, i.e. the Jubilee Oil Field, Sankofa/Gye Nyame, and the TEN Fields.

These revenues were paid as taxes to the Ghanaian government by the three companies producing the oil.

The taxes include Carried and Participating Interest (CAPI), Surface Rentals, the Petroleum Holding Fund (PHF), Corporate Income Tax (CIT), and Other Income.

The Public Interest and Accountability Committee (PIAC) revealed in its latest report that Ghana produced 10,669,46 barrels in 2011, 11,454,79 barrels in 2012, and in 2013, the country produced 18,955,11 barrels.

This excludes 2011 when there was no semi-annual report by PIAC.

In 2014, production stood at 18,679,59 barrels. The following year, 2015, saw a further increase to 19,038,84 barrels but dropped to 11,440,12 barrels in 2016.

In 2017, production surged significantly to 24,346,46 barrels and continued to rise in 2018, reaching 28,982,05 barrels.

In 2019, production increased again to 34,309,68 barrels but slightly decreased to 34,236,59 barrels in 2020.

Production continued to decline in 2021 and 2022, with figures of 27,757,55 and 25,851,81 barrels respectively.

In 2023, a total of 22,452,07 barrels were produced, and by July 2024, 24,857,78 barrels had been produced, bringing the total to 633,300 barrels over the period.

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