Ghana’s petroleum earnings declined markedly in the second half of 2025, with new data from the Bank of Ghana (BoG) showing total receipts of US$399.65 million, significantly lower than returns recorded in the same period a year earlier.

According to the Semi-Annual Report on the Petroleum Holding Fund (PHF), the amount represents combined inflows from crude oil liftings and petroleum-related taxes.

However, it fell below the US$369.25 million realised from crude oil liftings alone in the second half of 2024, pointing to weaker overall performance in the sector.

The report indicates that revenue between July 1 and December 31, 2025, was drawn from two main sources. Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields generated US$198.25 million, following the lifting of two Jubilee cargoes and one SGN cargo by the Ghana Group, represented by the Ghana National Petroleum Corporation (GNPC).

Corporate income taxes and interest income contributed a further US$201.40 million, made up of US$198.09 million in taxes and US$3.31 million in interest on the PHF.

The BoG noted that proceeds from the 25th cargo from the TEN field, valued at US$60.79 million, were not captured in the reporting period as the funds, expected in November 2025, had not been received by year-end.

Despite the drop in inflows, total petroleum revenue distributed during the period amounted to US$493.40 million, exceeding receipts through the use of accumulated balances.

Of this amount, the Annual Budget Funding Amount (ABFA) received US$285.06 million to finance government programmes, while the Ghana Stabilisation Fund and the Ghana Heritage Fund were allocated US$115.99 million and US$49.71 million respectively.

The GNPC received US$42.63 million to meet equity financing obligations and participating interests.

The report further showed positive investment performance for Ghana’s petroleum savings. The Ghana Petroleum Funds recorded a net realised income of US$28.11 million, with returns of 2.28 per cent for the Heritage Fund and 2.51 per cent for the Stabilisation Fund.

As at December 31, 2025, total petroleum reserves stood at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.

Looking ahead, the Bank of Ghana adopted a cautious outlook for 2026, noting that Brent crude prices declined from US$66.61 to US$60.81 per barrel by the end of 2025.

While the International Monetary Fund projects global growth of 3.3 per cent, the report warned that Ghana’s petroleum revenues remain exposed to geopolitical developments in the Middle East and OPEC+ production decisions, with oil prices expected to average about US$62.13 per barrel in 2026.