Ghana earned over $1.35 billion in petroleum revenues in 2024, marking a 27.8% increase from the previous year, according to the latest report from the Public Interest and Accountability Committee (PIAC). The growth was primarily driven by increased income from Carried and Participating Interest (CAPI), Corporate Income Tax (CIT), and royalties.

The Ghana Revenue Authority (GRA), acting under the Petroleum Revenue Management Act, collected revenues from oil companies and transferred them to the Petroleum Holding Fund (PHF). These included payments from royalties, CAPI, CIT, surface rentals, and other sources.

Crude oil liftings alone contributed $843.5 million to the PHF—a 22.2% increase from 2023. The Jubilee Field was the top contributor, accounting for $475.4 million through six liftings. CAPI remained the dominant revenue source with $603.5 million, followed by CIT at $502.9 million, and royalties at $239.9 million. Income from PHF investments added $10.8 million.

However, PIAC raised concerns about compliance and accountability. Proceeds from GNPC Explorco’s liftings—totaling $145.7 million—were not transferred to the PHF, adding to a cumulative shortfall of nearly $489 million since 2022.

The report also flagged $2.89 million in unpaid surface rentals, largely from companies whose petroleum agreements have been terminated. Additionally, Ghana suffered gas losses from the Sankofa Gye Nyame Field due to non-recovery of paid-for volumes.

PIAC has called for stricter enforcement of revenue transfer rules and improved oversight in petroleum resource management to protect the national interest.