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.

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.

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.

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.

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.

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).

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.

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.

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.

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.

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.

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.

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.

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.

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