Petroleum Revenue in Ghana: How Much Ghana Earns From Oil
What Ghana takes in from oil each year, and how that money is split between the national oil company, the national budget and two long-term funds. Figures are from the Public Interest and Accountability Committee (PIAC).
Ghana earned US$1.36 billion from oil in 2024. Total petroleum receipts were US$1,357,793,869.40, up 27.8 percent from US$1.06 billion in 2023, according to the PIAC 2024 Annual Report. It was the country's second-highest oil revenue ever, behind only the US$1.42 billion of 2022. The rise came mainly from higher global crude prices and increased corporate tax from the oil companies, even as production eased slightly.
Source: PIAC 2024 Annual Report on the management and use of petroleum revenue, released 29 April 2025.
Under the Petroleum Revenue Management Act (PRMA), 2011 (Act 815), receipts flow into the Petroleum Holding Fund and are then allocated. The 2024 split:
| Annual Budget Funding Amount (ABFA) | US$493,250,729.62 |
|---|---|
| Ghana Stabilisation Fund (GSF) | US$408,972,359.45 |
| Ghana National Petroleum Corporation (GNPC) | US$280,591,893.37 |
| Ghana Heritage Fund (GHF) | US$175,273,868.34 |
Source: PIAC 2024 Annual Report, via Commodity Monitor. Combined reserves of the two long-term funds (GSF + GHF) rose to about US$1.46 billion at the end of 2024.
The Annual Budget Funding Amount (ABFA) is the slice that goes into the national budget to part-fund government spending in chosen priority areas. The Ghana Stabilisation Fund (GSF) is a buffer: it is drawn on to cushion the budget when oil revenue falls short of projections, smoothing the impact of volatile oil prices. The Ghana Heritage Fund (GHF) is long-term savings, set aside and invested for future generations once the oil runs down. The allocation to the Ghana National Petroleum Corporation (GNPC) funds the state oil company's share of field costs and its operations.
PIAC, the statutory watchdog over these funds, flagged several concerns in 2024: no new petroleum agreement was signed for a fifth straight year, US$145.7 million in GNPC Explorco liftings was not paid into the Petroleum Holding Fund, and there was no allocation to the industrialisation priority area. These are the kinds of issues the PRMA framework is designed to surface.
| 2022 | US$1.42 billion (record) |
|---|---|
| 2023 | US$1.06 billion |
| 2024 | US$1.36 billion (+27.8%) |
Source: PIAC annual reports. Revenue tracks global crude prices closely: 2023 dipped with lower prices and output, 2024 recovered on stronger prices despite a small production decline. For production by field, see Ghana's oil fields.