Ghana has projected petroleum receipts for the year 2025 to total US$1,011.36 million, according to the 2025 Budget Statement and Economic Policy.

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The budget estimates that the amount is derived from several key sources within the petroleum sector, including royalties, corporate income tax, and carried and participating interest.

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For 2025, the breakdown of the total petroleum receipts includes US$191.52 million from royalties, US$495.92 million from carried and participating interest, US$319.70 million from corporate income tax, and US$4.22 million from surface rentals.

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The Government of Ghana has also allocated a portion of the receipts to the Ghana National Petroleum Corporation (GNPC), with US$192.67 million set aside for equity financing costs and the corporation's share of the net carried and participating interest.

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After factoring in the receipts for GNPC, the benchmark revenue, which is the total petroleum receipts minus GNPC's share, is projected at US$818.69 million.

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Of this amount, 70%, or US$573.08 million, will be allocated to the Annual Budget Funding Amount (ABFA), while US$245.61 million will be directed towards the Ghana Petroleum Funds (GPFs).

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The GPFs will be split between the Ghana Stabilisation Fund (US$171.93 million) and the Ghana Heritage Fund (US$73.68 million) in accordance with the Petroleum Revenue Management Act (PRMA), maintaining a 70%-30% distribution ratio.

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Looking ahead, Ghana's medium-term petroleum receipts are projected to grow, with estimates of US$1.16 billion in 2026, US$1.21 billion in 2027, and US$1.23 billion in 2028.

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These projections are based on benchmark oil prices of US$78.98 per barrel in 2026, US$79.21 in 2027, and US$75.50 in 2028, alongside expected production volumes.

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Petroleum revenue received in the second half of 2024 declined by 38.51%, from US$840.77million recorded in the first half of the same year to US$517.03 million.

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Despite the decline, total annual petroleum revenue reached a record US$1.3 billion, marking Ghana’s second highest earnings since oil production began in 2011.

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The report, covering the period up to December 31, 2024, attributed US$369million to five crude oil liftings from the Jubilee, TEN and Sankofa Gye Nyame fields between July and October.

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Additional inflows included US$144million in corporate taxes from sector players, US$74,000 in Surface Rental fees from Planet One Oil and Gas Limited, and US$3.67million in accrued interest from the Petroleum Holding Fund, pushing total receipts past the half-billion-dollar mark.

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Out of the US$454million allocated to the Ghana Petroleum Funds, the Ghana Heritage Fund (GHF), which safeguards wealth for future generations, received US$136.2million, while the Ghana Stabilisation Fund was allocated US$317.8million to help cushion the economy against oil price fluctuations.

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Petroleum revenue remains a critical component of Ghana’s public finances, supporting infrastructure, social programmes and economic growth.

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