Ghana’s Petroleum Earnings Slide in H2 2025 (Revenue Down Despite Higher Disbursements)
In the second half of 2025, Ghana’s oil revenues fell sharply. Bank of Ghana data showed that total receipts were US$399.65 million, which is less than the US$369.25 million earned from crude oil liftings alone in the same period of 2024. This was because the sector was not performing as well. The inflows came from US$198.25 million in crude oil liftings from the Jubilee and Sankofa Gye Nyame fields and US$201.40 million from petroleum-related taxes and interest. However, the proceeds of a US$60.79 million TEN cargo were not received before the end of the year. Despite lower receipts, total petroleum revenue distribution reached US$493.40 million using accumulated balances, with allocations to the ABFA, Stabilisation Fund, Heritage Fund, and GNPC. Petroleum savings recorded modest investment gains, and total reserves stood at US$1.55 billion as of December 31, 2025. The BoG maintained a cautious outlook for 2026, citing lower oil prices and risks from geopolitical tensions and OPEC+ production decisions.
