Ghana's total crude oil production in 2024 stood at 48.24 million barrels, according to the Finance Ministry's 2025 Budget Statement and Economic Policy.

0

The Greater Jubilee field accounted for the highest output, with 31.85 million barrels, representing 66.02% of the total production. The Tweneboa Enyenra-Ntomme (TEN) field produced 6.78 million barrels (14.06%), while the Sankofa-Gye Nyame (SGN) field contributed 9.61 million barrels (19.91%).

1

The 2024 production figure reflects a marginal 0.02% decline from the 2023 level of 48.25 million barrels and falls 5.9% below the projected benchmark output of 51.25 million barrels. The decline has been attributed to an increasing gas-to-oil ratio, high water production in the Jubilee and TEN fields, and scale formation in several wells in the Sankofa field.

2

The Ghana National Petroleum Corporation (GNPC), on behalf of the state, lifted 8.55 million barrels of crude oil in 2024. The breakdown includes 5.72 million barrels from the Jubilee field, 0.99 million barrels from TEN, and 1.83 million barrels from SGN.

3

In terms of revenue, crude oil liftings from January to December 2024 generated $843.52 million (GH¢12.4 billion). Total petroleum receipts, which include crude oil sales and other petroleum revenues, amounted to $1.4 billion (GH¢20.0 billion), marking a 27.81% increase from the $1.1 billion received in 2023.

4

This increase was largely due to a higher number of liftings and an increase in Corporate Income Tax (CIT).

5

An analysis of petroleum receipts shows that Carried and Participating Interest (CAPI) contributed the highest share (44.5%), followed by Corporate Income Tax (37%) and Royalties (17.7%).

6

In compliance with the Petroleum Revenue Management Act, $493.25 million of petroleum revenues was allocated to the Annual Budget Funding Amount (ABFA) to support government expenditure.

7

The Ghana Petroleum Funds (GPFs) received $584.25 million, with the Ghana Stabilisation Fund (GSF) receiving $408.97 million and the Ghana Heritage Fund (GHF) receiving $175.27 million.

8

Additionally, from the ABFA allocations, $24.66 million was transferred to the District Assemblies Common Fund (DACF), $69.06 million to the Ghana Infrastructure Investment Fund (GIIF) for Agenda 111 projects, and $98.50 million to the Accra-Tema Motorway project.

9

The government has reiterated its commitment to prudent petroleum revenue management to ensure sustainable economic growth and infrastructure development.

10