An analysis of the petroleum receipts and distribution report, for the period ending 30th September 2011, published by the Dr Kwabena Dufuor on the 21st of November 2011 reveals that Ghana lost heavily under the Royalty Tax System it has adopted. A GNPC publication of 10th July, 2008 indicated the Government of Ghana had as its total state shares, 38,209 (38.2%) barrels out of every 100,000 barrels produced. Thus, it stands to reason that as the volume of crude oil lift increases over the period, Government of Ghana shares per the volume of lift should also show corresponding increases. However, this has not been the case. Government of Ghana shares have showed slight decreases whereas the volume of crude oil lifts is increasing over the period under review. There have been three liftings of oil by GOG/GNPC and its partners in the first three quarters of 2011 ever since production of oil in commercial quantities commenced. Total crude oil lifts amounted to 4,627,701 barrels for the 1st quarter; 5,970,237 barrels for the 2nd quarter; and 6,966,962 barrels for the 3rd quarter. This corresponds to 29% and 50% increases in volume over the Quarter 1 in Quarter 2 and Quarter 3 respectively. Government of Ghana shares have on the other hand witnessed reductions with 995,259 barrels being Ghana’s shares for the 1st quarter; 994,691 barrels for the 2nd quarter; and 990,770 for the 3rd quarter. This implies that the volume of lift has been understated by 601,978 barrels valued at US$66,620,905.30. Secondly, applying the parameters published by GNPC to the total volume of lift of 17,564,900 barrels so far produced and sold Ghana should have received a total of 6,709,792 barrels representing 38.20% but only had 2,980,720 barrels representing 16.96% made up of Royalties, carried and participation interests. Ghana is being denied the built up tax element of 3,729,072 barrels that has accrued so far, and by direct implications windfalls valued at US$189,063,950.00 Ghana was expected to earn from it. The total value Ghana lost, however is US$ 412,696,398.00. Analysts are of the opinion that if Ghana had adopted the Production Sharing Agreement and applying the GNPC parameters to the total volume of lift of 17,564,900 barrels, Ghana would have received a total of 8,729,754 barrels made of up of Royalties 878,245 barrels and profit oil - 7,851,509 barrels all valued at US$ 963,502,949 as against the US$337,337,945.26 received under the Royalty Tax System during the period ending 30th September, 2011.