Ghana's oil revenue dips to $521 million in second half of 2023

Ghana’s oil revenue dropped in the second half of 2023 to $521 million, the latest Ghana Petroleum Holding Fund (PHF) semi-annual report released by the Bank of Ghana has said.

This amount represents a reduction in the amount the country received in oil revenue into its Petroleum Holding Fund (PHF in the second half of 2023 as compared to the same period in 2022 which was US$696.82 million.

The data further noted that for the second half of 2023, the country received some $319 million from crude oil liftings between May 2023 and October 2023.

For the second half of 2023, $198 million was received from corporate tax from crude oil liftings by Kosmos Energy, Tullow Oil, and Petro SA.

Last year, interest from the Petroleum Holding Funds totalled $3.3 million, and income from surface rental totalled $112,082.

The Ghana Stabilization Fund received $159 million, and the Ghana Heritage Fund got $68 billion.

The report is released in accordance with Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), and provides details of Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.

The total petroleum revenue receipts consist of proceeds from oil liftings, Corporate Tax, Surface Rental, as well as interest on the Petroleum Fund account.

SSD/NOQ

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