Ghana’s total petroleum receipts for 2025 declined significantly to approximately $769 million, down from $1.35 billion in 2024.

This is based on data from the Bank of Ghana and the Ministry of Finance, which track petroleum receipts over the years.

The $769 million realised in 2025 was derived from total petroleum receipts across all sources, including liftings, royalties, carried and participating interests, corporate income tax, surface rentals, and other inflows.

Government, in the 2026 Budget presented to Parliament in November 2025, projected petroleum receipts of US$1.01 billion by the end of the year.

The Finance Minister, Dr Cassiel Ato Forson, noted in the Budget that the amount realised would represent a 35.7 per cent decline from the $1.07 billion recorded over the same period in 2024.

Ghana’s total petroleum receipts for 2024 stood between $1.35 billion and $1.36 billion, representing a 27.8 per cent increase over the $1.06 billion recorded in 2023.

Reasons for the Decline

Explaining the downturn in the 2026 Budget, Finance Minister Dr Ato Forson said the reduction in petroleum receipts was mainly driven by a lower average achieved crude oil price of US$75.0 per barrel, compared to $82.3 per barrel during the same period in 2024.

He also attributed the decline to a reduction in the number of liftings, resulting from lower production levels at mature oil fields.

Some market analysts have similarly pointed to production challenges in Ghana’s oil fields and unfavourable international developments as key contributors to the revenue decline in 2025.

Despite the downturn, the Finance Minister maintained that petroleum receipts remain a critical component of Ghana’s fiscal framework, supporting the Annual Budget Funding Amount (ABFA), the Ghana Stabilisation Fund, and the Ghana Heritage Fund.

However, he acknowledged that declining output and volatility in global oil prices highlight the need for accelerated investment in field development, energy diversification, and stronger revenue management to sustain the sector.

Dr Forson also noted that the government remains committed to accelerating ABFA utilisation in the final quarter of the year, to ensure petroleum revenues translate into job-creating infrastructure and improved local development across all regions.

2025 Petroleum Receipt Report

Despite the overall decline in petroleum revenue in 2025, corporate income tax accounted for a significant share of total receipts. Ghana realised approximately $346 million in corporate taxes in 2025, compared with over $500 million in 2024.

Surface rentals also contributed approximately $863 million, while earnings from crude oil exports were approximately $416 million.

Meanwhile, the closing book value of investments under Ghana’s Petroleum Funds stood at $1.5 billion as of December 2025.