The Bank of Ghana (BoG) has released its report on the performance of Ghana’s Petroleum Funds for the second half of 2024.

The report revealed a significant increase in oil revenue and a substantial boost to funding allocations as growth in investments in Ghana’s petroleum funds reached $1.4 billion.

According to the report, issued under the provisions of the Petroleum Revenue Management Act (PRMA), a total of $543 million was received from crude oil lifting during the period.

This, combined with other income sources such as corporate taxes paid by oil and gas companies, surface rentals, and income from the Petroleum Holding Fund (PHF), generated an excess of $144 million.

A substantial amount of $454 million was allocated to the Ghana Petroleum Funds, with $317 million directed towards the Ghana Heritage Fund and $136 million allocated to the Ghana Stabilization Fund.

This significant allocation has contributed to a remarkable growth in the total book value of the funds, which reached $1.4 billion as of December 31st, 2024

The report details the allocations from oil revenue to the Ghana Heritage Fund and the Ghana Stabilisation Fund, as mandated by the PRMA.

The 2024 distribution of the funds is scheduled to be made on January 26th, 2025.