Ghana’s oil revenue surges by 55% in first half of 2024, driven by Jubilee Southeast well

Ghana’s oil sector has rebounded significantly, with a 55.6 per cent increase in revenue during the first half of 2024, primarily due to heightened production, thanks in part to the new Jubilee South East well.

According to the Public Interest and Accountability Committee’s (PIAC) Semi-Annual Report, oil revenue for January to June 2024 reached $840.7 million, a notable rise from $540 million in the same period in 2023.

PIAC Chairman Constantine Kudzedzi noted that the revenue spike marks the highest half-year earnings since the inception of oil production in Ghana, reflecting a positive trajectory for the sector.

Mr. Kudzedzi expressed optimism that the upward trend would continue through the remainder of the year.

Covering January to June 2024, the report highlights key aspects of petroleum revenue management, including data on production, government allocations for the Annual Budget Funding Amount (ABFA), and the performance of the Ghana Stabilisation and Heritage Funds.

These funds are instrumental in managing and investing oil revenue for sustainable growth and economic stability.