Data from the Bank of Ghana shows that Ghana’s total petroleum revenue for the second half of 2025 was US$399.65 million, marking a sharp decline compared to earnings in the same period of 2024.

The Bank’s Semi-Annual Report on the Petroleum Holding Fund (PHF) indicates that this figure includes both crude oil sales and petroleum-related taxes. However, it is still lower than the US$369.25 million earned from crude oil liftings alone in the second half of 2024, highlighting a slowdown in revenue.

Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields generated US$198.25 million, from two Jubilee cargoes and one SGN cargo.

Here's how much Ghana lost in crude oil earnings in the second half of 2025

Other sources, including corporate income taxes and interest on the PHF, contributed US$201.40 million, comprising US$198.09 million in taxes and US$3.31 million in interest income.

The report also noted that proceeds from the 25th cargo of the TEN field, valued at US$60.79 million, were not received by the end of 2025 and were therefore excluded from revenue.

Despite the lower inflows, total petroleum revenue distributed in H2 2025 reached US$493.40 million, thanks 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 projects. The Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF) were allocated US$115.99 million and US$49.71 million, respectively.

The Ghana National Petroleum Corporation (GNPC) received US$42.63 million to cover equity financing and participating interests.

The Bank of Ghana also noted that Brent crude prices fell from US$66.61 to US$60.81 per barrel by the end of 2025. As of December 31, 2025, Ghana’s total petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.

SP/MA

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