Ghana recorded a total of US$399.65 million in petroleum revenues in the second half of 2025, a significant decline compared to the same period in 2024, according to the Bank of Ghana’s report on the Petroleum Holding Fund and the Ghana Petroleum Funds.
The revenues were generated from crude oil lifting proceeds, corporate income taxes and interest income in accordance with the Petroleum Revenue Management Act, 2011 (Act 815) and its subsequent amendments.
During the period under review, the Ghana Group, through the Ghana National Petroleum Corporation, completed three crude oil liftings, made up of the 83rd and 84th liftings from the Jubilee Field and the 18th lifting from the Sankofa-Gye Nyame Field.
Total receipts from crude oil liftings amounted to US$198.25 million, well below the US$369.25 million recorded in the corresponding period of 2024. Of this amount, the Jubilee Field generated US$134.55 million, while the Sankofa-Gye Nyame Field contributed US$63.70 million. An expected 25th TEN cargo valued at US$60.79 million and scheduled for November 16, 2025 was not received by the end of the year and was therefore excluded from the 2025 accounts.
In addition to crude oil receipts, the Petroleum Holding Fund received US$201.40 million from other sources, largely driven by corporate income taxes paid by upstream petroleum companies including Tullow Ghana, ENI Ghana, Kosmos Energy, Vitol Upstream and PetroSA Ghana. Corporate income tax accounted for US$198.09 million, while interest income on the Holding Fund contributed US$3.31 million.
Despite the lower inflows, total petroleum revenue distributed during the second half of 2025 amounted to US$493.40 million, reflecting the disbursement of revenues accrued in earlier periods. Of this amount, the Annual Budget Funding Amount received US$285.06 million, GNPC was allocated US$42.63 million for equity financing and capacity support, the Ghana Stabilisation Fund received US$115.99 million, and the Ghana Heritage Fund received US$49.71 million. Compared to the same period in 2024, allocations to GNPC, the Stabilisation Fund and the Heritage Fund declined sharply, while transfers to the Annual Budget Funding Amount remained broadly stable.
In line with the Petroleum Revenue Management Act, the cap on the Ghana Stabilisation Fund remained at US$100 million. During the period, an accumulated excess of US$66.88 million was withdrawn, bringing the total excess over the cap to US$74.98 million by the end of December 2025.
The Ghana Petroleum Funds recorded positive investment returns despite global economic uncertainty. The Heritage Fund posted a return of 2.28 percent, while the Stabilisation Fund achieved a return of 2.51 percent during the period.
Total realised income from investments amounted to US$28.11 million, up from US$25.29 million in the second half of 2024, with the Heritage Fund accounting for US$25.15 million and the Stabilisation Fund contributing US$2.96 million. As of December 31, 2025, total reserves of the Ghana Petroleum Funds stood at US$1.55 billion, comprising US$1.38 billion in the Heritage Fund and US$174.98 million in the Stabilisation Fund.
The report also noted that Brent crude oil prices declined from US$66.61 per barrel at the end of the first half of 2025 to US$60.81 per barrel by December, reflecting weaker global demand and ongoing geopolitical tensions.
