In the first half of 2024, Ghana’s oil revenue grew to US$840 million. When compared to the US$540 million achieved over the same period in 2023, this sum indicates a 36% rise.
Proceeds from oil liftings, corporate tax, surface rental, and interest on the Petroleum Fund account make up the entire petroleum revenue receipts.
The Bank of Ghana’s Petroleum Holding Fund report states that liftings from six oil fields accounted for the majority of money received.
These made up US$ 470 million of the total income.
US$ 350 million was collected in corporate tax revenue, US$ 580,000 was collected in surface rentals, and US$ 7 million was collected in interest.
The following allocations were made to the Ghana Petroleum Funds during the time under review.
A total of around US$130 million was received by the Ghana Stabilization Fund (US$91 million) and the Ghana Heritage Fund (US$39 million).
Details of Ghana’s crude oil liftings and the distribution to the Ghana Petroleum Funds are included in the report, which was made public in compliance with section 28 of the Petroleum Revenue Management Act, 2011 (Act 815).
The Bank of Ghana is mandated by law to collect and distribute the nation’s petroleum revenue.
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