Ghana’s petroleum revenue declined sharply in the second half of 2025, with the country earning a total of US$399.65 million, according to the latest data from the Bank of Ghana (BoG).
The figure, published in the Semi-Annual Report on the Petroleum Holding Fund (PHF), represents a significant drop compared to the same period in 2024. It also falls below the US$369.25 million generated from crude oil liftings alone in the second half of 2024, highlighting a slowdown in overall petroleum revenue performance.
The BoG report shows that receipts between July 1 and December 31, 2025 were driven by two main sources. Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields brought in US$198.25 million, following the lifting of two Jubilee cargoes and one SGN cargo by the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC). Petroleum-related taxes and interest income contributed a combined US$201.40 million, made up of US$198.09 million in corporate income taxes and US$3.31 million in interest earned on the PHF.
The report also noted that expected proceeds from the 25th cargo from the TEN field, valued at US$60.79 million, were not included in the revenue figures. Although the cargo was scheduled for November 2025, the funds had not been received by the end of the year.
Despite the lower inflows, total petroleum revenue distributed during the period amounted to US$493.40 million, exceeding actual receipts due to the use of accumulated balances and other income. The Annual Budget Funding Amount (ABFA) received the largest share at US$285.06 million to support government development programmes. The Ghana Stabilisation Fund and the Ghana Heritage Fund were allocated US$115.99 million and US$49.71 million respectively, while GNPC received US$42.63 million to cover equity financing costs and participating interests.
Ghana’s petroleum savings recorded modest gains over the period. The Ghana Petroleum Funds posted a net realised income of US$28.11 million, with the Heritage Fund returning 2.28% and the Stabilisation Fund recording a 2.51% return. By the end of December 2025, total petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.
Looking ahead, the Bank of Ghana struck a cautious outlook for 2026. Brent crude prices fell from US$66.61 to US$60.81 per barrel by the end of 2025, and while the IMF projects global growth of 3.3%, the central bank warned that Ghana’s petroleum revenues remain vulnerable to geopolitical tensions in the Middle East and production decisions by OPEC+. Oil prices are expected to average about US$62.13 per barrel in 2026, suggesting limited upside for petroleum revenue in the near term.
