Ghana earned a total of US$399.65 million in petroleum revenue during the second half of 2025, representing a significant decline compared to the same period in 2024, according to the latest data from the Bank of Ghana (BoG).

The figures, contained in the Semi-Annual Report on the Petroleum Holding Fund (PHF), show that although the amount includes proceeds from both crude oil sales and petroleum-related taxes, it was markedly lower than the US$369.25 million generated from crude oil liftings alone in the second half of 2024. This points to a slowdown in the country’s petroleum revenue performance.

Between July 1 and December 31, 2025, receipts were drawn from two main sources. Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields generated US$198.25 million. This followed the lifting of two Jubilee cargoes and one SGN cargo by the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC).

Corporate income taxes and interest earnings from the PHF contributed a further US$201.40 million, made up of US$198.09 million in tax revenue and US$3.31 million in interest income.

The report also noted that revenue from the 25th cargo from the TEN field, valued at US$60.79 million, was not included. Although the cargo was expected in November 2025, the proceeds had not been received by the end of the year.

Revenue Distribution
Despite the lower inflows, total petroleum revenue distributed during the period amounted to US$493.40 million, exceeding receipts due to the use of accumulated balances and other income sources.

The Annual Budget Funding Amount (ABFA) received the largest allocation of US$285.06 million to finance government development programmes. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) were allocated US$115.99 million and US$49.71 million, respectively. GNPC received US$42.63 million to cover equity financing costs and participating interests.

Fund Performance and Outlook
Ghana’s petroleum savings posted positive investment returns during the period. The Ghana Petroleum Funds (GPFs) recorded a net realised income of US$28.11 million, with the Heritage Fund posting a return of 2.28% and the Stabilisation Fund 2.51%.

As of December 31, 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, noting that Brent crude prices declined from US$66.61 to US$60.81 per barrel by the end of 2025. While the International Monetary Fund projects global growth of 3.3%, the report cautioned that Ghana’s petroleum revenues remain vulnerable to geopolitical tensions in the Middle East and production decisions by OPEC+.

Oil prices are forecast to average about US$62.13 per barrel in 2026, suggesting limited upside for petroleum revenue in the near term.