Ghana’s oil revenue surge 55.6% in first half of 2024 on increased production

Ghana’s oil sector has posted a significant upswing, with crude production and revenues rising in the first half of 2024.

According to the Public Interest and Accountability Committee (PIAC), oil revenues reached $840.7 million from January to June 2024, up 55.6% from $540 million during the same period in 2023.

This marks the highest half-year revenue recorded since Ghana began commercial oil production in 2010.

The report attributes the increase to a 10% rise in production, spurred largely by the Jubilee South East well coming online.

PIAC Chairman Constantine Kudzedzi noted that production levels had edged above last year’s first-half output and anticipated sustained growth through year-end.

“If this trend continues, 2024 could mark a stronger production year compared to 2023,” he said.

PIAC’s 2024 Semi-Annual Report provides insights into production volumes, liftings, total revenues owed to the state, and allocations for government spending.

The report also covers the Annual Budget Funding Amount (ABFA) utilisation and reviews the management of reserves in Ghana’s Petroleum Funds, including the Ghana Stabilisation Fund and the Ghana Heritage Fund.

The findings highlight broader issues in petroleum revenue management, offering policy recommendations aimed at ensuring prudent use of oil revenues.