The Bank of Ghana has reported a decline in Ghana’s crude oil earnings in the second half of 2025, according to the latest Ghana Petroleum Funds report.

The semi-annual report showed that receipts from crude oil liftings between July and December 2025 fell to US$198.25 million, down from US$369.25 million recorded over the same period in 2024.

Data in the report indicated that proceeds from the 83rd and 84th crude oil liftings from the Jubilee field amounted to US$134.55 million, compared with US$144.20 million earned from the 81st and 82nd liftings in the second half of 2024.

Receipts from the Sankofa Gye-Nyame Field also declined, with the 18th lifting generating US$63.70 million, lower than the US$68.54 million recorded from the 16th lifting in the corresponding period of 2024.

“During the period under review, a total amount of US$201.40 million was received as other income for corporate income tax and Petroleum Holding Fund interest. The amounts received comprise US$198.09 million for corporate income tax and US$3.31 million for Petroleum Holding Fund interest”, the report said.

The report noted that total inflows into the Petroleum Holding Fund for the second half of 2025 amounted to US$399.65 million, made up of US$198.25 million from crude oil liftings and US$201.40 million from other income sources.

It further disclosed that total disbursements from the Petroleum Holding Fund during the period reached US$493.40 million. This included US$134.55 million from the 83rd and 84th Jubilee liftings, US$63.70 million from the 18th lifting at the Sankofa Gye-Nyame Field, and US$295.15 million from other income.

The Petroleum Holding Fund and the Ghana Petroleum Funds were established under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Acts 893 and 1138.

Under Sections 28(1) and (2) of the Petroleum Revenue Management Act, the Bank of Ghana is mandated to report on the performance and operations of the Petroleum Holding Fund and the Ghana Petroleum Funds for the second half of the year ended December 31, 2025.

Meanwhile, President John Dramani Mahama’s pledge to revive Ghana’s premier crude oil processing facility, the Team Oil Refinery (TOR) has been fulfilled.

After several years of inactivity, management of Tema Oil Refinery has announced the resumption of operations. The resumption has become possible following the completion of extensive Turnaround Maintenance (TAM) works on the refinery’s Crude Distillation Unit (CDU). Maintenance works on began on August 1 and October 30 this year. This information was contained in a press statement released by the management on Saturday December 27.

TOR’s resumption is expected to boost energy security, industrial growth and national development, potentially saving Ghana up to $10.2 billion in oil import bills annually.

Tema Oil Refinery halted its operations in 2018 citing lack of crude oil which serves as a raw material in maintaining the refinery. Other factors that influenced the closure include broken equipment, piled debt, among others.

Addressing party delegates in 2023, President Mahama assured the creation of jobs through the revamping of the refinery.

He pledged to revive the Oil Refinery to its former glory which he claimed was collapsed by the then Akufo-Addo government.

“Since we (NDC) left office, TOR has never processed crude oil again. I remember before we left office, we sent to TOR the first batch of Ghanaian crude oil from our own oil fields for TOR to process. That oil sat there for several years, eventually, they discounted the oil and sold it out without processing it. I can assure you, when NDC comes back, TOR will stand on its feet again”, he noted.

In June, this year, Managing Director of TOR Mr. Edmond Kombat has revealed refinery operations will commence in October.

He informed the Parliamentary Committee on Energy on Sunday, June 22, when he briefed the committee on the leadership's mandate, work plans for the year 2025, and their operational challenges.

The engagement forms part of the committee’s oversight responsibility of the agencies under the Ministry of Energy and Green Transition.

In his submission, Mr. Edmond Kombat indicated that TOR will continue with the gantry and terminal upgrade.

He noted that the current leadership will also complete ongoing projects commenced by the previous administration as well as work on their debt and financial restructuring as well as retooling of their laboratory.

He noted that the refinery was wallowing in debt worth $517 million after being inactive for the past four years. The current debt is as of December 2024.

The Managing Director said: “There were times that the Ministry of Finance in the past had given some funds to TOR and some of it, for example, was grants and then when they entered into the agreement with the IMF, the IMF asked them to reclassify it as debt.

“So, those things have accumulated to that amount of money and I think the last time TOR traded, some of the trades were not hedged,” he said.

“We are doing that verification and once we do that verification and authentication of what we have been able to bring down, that will be communicated publicly,” Mr. Edmond Kombat.

According to him, for the past 6 months, TOR had not audited its financial accounts.

The Managing Director made a special appeal to the parliamentary committee to help them resolve some of their challenges.

They include restructuring of their debts with the ESLA receivables, converting GOG debts into equity,reinstating the TOR portion of the ESLA Levy, allowing TOR to participate in the primary distribution margin, and giving TOR a representation on the Laycan Committee, among others.