Corporate Income Tax (CIT) contributed 45 per cent to the total petroleum receipts in 2025, marking the first time the tax surpassed all other revenue streams.

Out of a total receipt of US$770.3 million paid into the Petroleum Holding Fund (PHF) in 2025, CIT generated 346.9 million, while Carried Participating Interest (CAPI) generated 339.3 million, representing 44 per cent, with royalties accounting for 10.1 per cent of total revenue.

Revenues from Surface Rentals and Interest on the PHF constituted less than one per cent of total revenue.

These findings were highlighted at the launch of the 2025 Annual Report on the Management and Use of Petroleum Revenue.

Speaking to the findings, the Chairperson of the Public Interest Accountability Committee (PIAC), Mr Richard Ellimah, noted that the 2025 revenue was a significant decline compared to the US$1.36 billion recorded in 2024.

“Overall, petroleum receipts decreased by 43.27 per cent relative to the previous year,” he said.

He explained that, unlike in previous years, when CAPI was a top earner for the country, its decline was due to a delay in payment for one lifting made from the SGN field by the Ghana group in October 2025, valued at around US$60 million.

“According to GNPC, the referenced lifting was executed in October 2025, but the proceeds were received in February 2026 instead of November 2025. The delay was due to geopolitical sanctions involving the off-taker,” the report highlighted.

It must be noted that the CIT in 2025 falls short of the 2024 figure of US $502.9 million, the highest since inception, representing a 31 per cent decline.

According to the report, total petroleum revenue from 2011 to date has amounted to US$11.979 billion.

The year 2022 recorded the highest realised petroleum revenues into the PHF, while 2016 recorded the lowest.

In terms of disbursement, PIAC, in its report, indicated that the Ghana National Petroleum Corporation (GNPC) received US$107.89 million for both Level A (Equity Financing Cost) and Level B (Net Carried and Participating Interest) while US$433.29 million was disbursed as the Annual Budget Funding Amount.

The report also noted that US$229.224 million was disbursed to the Ghana Petroleum Funds (GPFs), comprising the Ghana Stabilisation Fund and the Ghana Heritage Fund.

“The Ghana Stabilisation Fund received an amount of US$160.47 million, being 70 per cent of the distribution to the GPFs. The Ghana Heritage Fund received an amount of US$68.77 million, representing 30 per cent of the distribution to the GPFs,” the report highlighted.