As per the Petroleum Holding Fund report by the Bank of Ghana (BoG), Ghana recorded a total of $540 million in petroleum receipts during the first half of 2023.

This figure marks a decrease compared to the $731 million earned during the same period in 2022.

The report, in compliance with the petroleum revenue management act, Act 815, provides insights into Ghana's crude oil liftings and allocation to the Ghana Petroleum Funds.

The semiannual report from the BoG revealed a shortfall of $191 million (about 26% less) in earnings during the first six months of 2023 compared to the same period last year.

The total petroleum revenue receipts include proceeds from oil liftings, Corporate Tax, Surface Rental, and interest on the Petroleum Fund account.

For the period ending June 30, 2023, oil liftings contributed $370 million, corporate tax accounted for $166 million, and surface rental amounted to $3 million.

In terms of distribution, the Ghana Stabilization Fund received $71 million, and the Ghana Heritage Fund received $30 million, totaling about $101 million during the same period.

As per the law, the Bank of Ghana is responsible for receiving and disbursing petroleum revenue for the country. Furthermore, the Annual Budget Funding Amount receives not more than 70 percent of the benchmark revenue, while not less than 30 percent is allocated to the Ghana Petroleum Funds.

From the transferable funds into the Petroleum Funds, the Ghana Heritage Fund receives not less than 30 percent, with the remaining amount transferred to the Ghana Stabilization Fund.