The government is now looking to end 2026 with total petroleum revenue of approximately US$1.5 billion.

This is up from the initial US$985 million announced in the 2026 Budget.

The finance minister, Dr. Cassiel Ato Forson, disclosed this in an interview with Bloomberg in London.

According to him, this was due to the rising prices of crude oil on the international market over the past months, due to developments in the Middle East.

The minister stated that details of this revision will be outlined in the Mid-Year Budget Review in July 2026.  

Dr. Forson also indicated that the government will also outline its new economic policy initiative when it presents the Mid-Year Budget Review

The initial US$985 projection was based on the benchmark price of US$76.22 per barrel, up marginally from the price of US$74.70 per barrel used in the 2025 Budget Statement and Economic Policy of Ghana.

Planned Use of 2026 Oil Revenue

Presenting the 2026 Budget, the finance minister noted that this is based on the initial projection of US$ 985 million.

US$162 million will come from Royalties, whilst Carried and Participating Interest will bring in about  US$419.01 million. That of Corporate Income Tax is US$403.53 million and Surface Rentals is US$0.72 million.

The Finance Minister added that under the planned allocations, US$556.6 million will fund the Annual Budget Funding Amount (ABFA), while US$238.6 million will go into the Ghana Petroleum Funds, split between the Ghana Stabilisation Fund (US$167 million) and the Ghana Heritage Fund (US$71.6 million).

“US$190.33 million of what will earned in 2026 will be ceded to GNPC for the Equity Financing Cost (US$149.98 million) and its share of the net Carried and Participating Interest (US$40.4 million)”, the Minister stated.

Looking further ahead, Dr. Forson projected medium-term petroleum receipts of US$1.08 billion in 2027, US$1.02 billion in 2028, and US$930 million in 2029, respectively under the benchmark oil prices rising modestly each year.

The Minister noted that “The careful management of petroleum revenues ensures we can fund key projects today while saving for the future,” he said, emphasisingthe government’s commitment to fiscal discipline and long-term stability”.

Ghana’s Growth Numbers for 2026

The finance minister in the 2026 Budget projected that Ghana will end the year with a growth rate of 4.8%.

However, speaking in an interview with the Bloomberg, Dr. Ato Forson said the projection may be higher, based on current developments.

The minister is optimistic that the economy will expand by more than 6 % in 2026.

“We have seen some interesting developments in the oil and gas sector; that will impact the GDP [Gross Domestic Product] numbers at the end of this year”.

The minister assured that more details will be given in the Mid-Year Budget review.