Ghana’s Oil Receipts Plunge to $370 Million in First Half of 2025
Ghana’s petroleum sector has recorded a sharp decline in revenue, with total receipts amounting to just $370.34 million in the first half of 2025. This marks a staggering 56 percent drop compared to the $840.77 million earned during the same period in 2024, according to the Public Interest and Accountability Committee (PIAC).
Damian Owusu 
Ghana’s petroleum sector has recorded a sharp decline in revenue, with total receipts amounting to just $370.34 million in the first half of 2025. This marks a staggering 56 percent drop compared to the $840.77 million earned during the same period in 2024, according to the Public Interest and Accountability Committee (PIAC).
The decline has been attributed primarily to lower crude oil production from the country’s three offshore fields—Jubilee, Tweneboa-Enyenra-Ntomme (TEN), and Sankofa Gye-Nyame (SGN). Combined output fell to 18.42 million barrels, representing a 25.92 percent decrease from the 24.86 million barrels produced in the first half of 2024.
At a stakeholder meeting in Accra, PIAC Vice-Chairman Odeefuo Amoakwa Buadu VIII explained that the reduced earnings were due to both lower production volumes and subdued global oil prices. He noted that the Petroleum Holding Fund (PHF) received lodgments from various sources, including corporate income taxes, surface rentals, crude oil liftings, and interest accrued on the PHF.
Of the total revenue, carried and additional participating interest (CAPI) contributed $178.48 million, corporate income tax brought in $148.75 million, and royalties accounted for $40.15 million. Interest on the PHF yielded $2.10 million, while surface rental payments amounted to just over $863,000.
Breaking down production figures, the Jubilee Field produced 11.02 million barrels—a 32.8 percent decline from the 16.41 million barrels recorded in the same period last year. The TEN field saw a 14 percent drop, producing 2.97 million barrels compared to 3.45 million in 2024. The SGN field also declined by 11.6 percent, with output falling from 5 million barrels to 4.42 million.
Odeefuo Buadu emphasized the urgency of reversing this trend, calling on the Ministry of Energy and its allied agencies to intensify efforts to attract investment into Ghana’s upstream petroleum sector. He also urged greater collaboration among the Ghana Revenue Authority, Petroleum Commission, Bank of Ghana, and other institutions to recover surface rental arrears and strengthen oversight.
In light of the global energy transition, PIAC recommended that the government adequately resource the Ghana National Petroleum Corporation (GNPC) and revise its legal framework to enhance governance. The goal, according to Buadu, is to position GNPC as a strategic leader in the sustainable exploitation of Ghana’s petroleum resources.
As the country grapples with declining oil revenues, the call for reform and investment in the sector has never been more urgent. The first half of 2025 may serve as a wake-up call for stakeholders to rethink Ghana’s energy strategy and secure long-term economic resilience.
