The petroleum sector faced a notable downturn in the latter half of 2025, as latest data from the Bank of Ghana (BoG) shows total petroleum revenue
The petroleum sector faced a notable downturn in the latter half of 2025, as latest data from the Bank of Ghana (BoG) shows total petroleum revenue fell to US$399.65 million, a sharp decline compared to inflows recorded in the same period of 2024.
The figures, published in the BoG’s Semi-Annual Report on the Petroleum Holding Fund (PHF), signal growing vulnerabilities in the country’s oil revenue performance amid fluctuating global oil prices and operational delays.
The second-half revenue, covering July 1 to December 31, 2025, combines proceeds from crude oil sales and petroleum-related taxes.
Crude oil liftings from the Jubilee and Sankofa Gye Nyame (SGN) fields contributed US$198.25 million.
This included the lifting of two Jubilee cargoes and one SGN cargo, coordinated by the Ghana Group through the Ghana National Petroleum Corporation (GNPC).
Corporate income taxes and interest on the PHF added a further US$201.40 million, with US$198.09 million from taxes and US$3.31 million from interest income.
The report highlighted the absence of US$60.79 million expected from the 25th cargo of the TEN field, initially scheduled for November 2025.
These funds were not received by year-end, further impacting total petroleum receipts. Analysts note that the cumulative shortfall reflects both operational setbacks and a broader slowdown in global oil demand.
Despite the dip in revenue inflows, Ghana’s petroleum revenue distribution for H2 2025 totaled US$493.40 million, drawing from accumulated balances and other income.
The Annual Budget Funding Amount (ABFA) received US$285.06 million to support government development projects.
The Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF) were allocated US$115.99 million and US$49.71 million, respectively.
GNPC received US$42.63 million to finance its equity participation costs.
The Ghana Petroleum Funds (GPFs) recorded positive returns over the period, generating a net realised income of US$28.11 million.
The Heritage Fund returned 2.28%, while the Stabilisation Fund earned 2.51%. As of December 31, 2025, the petroleum reserves were valued at US$1.55 billion, with the Heritage Fund accounting for US$1.38 billion.
Looking ahead, the Bank of Ghana expressed caution for 2026. Brent crude prices declined from US$66.61 to US$60.81 per barrel by year-end, and while the International Monetary Fund projects global growth at 3.3%, the petroleum revenues remain exposed to geopolitical risks in the Middle East and decisions by OPEC+.
The report anticipates oil prices to average around US$62.13 per barrel in 2026, indicating limited short-term upside for the oil receipts.
The decline in petroleum revenue comes against a backdrop of rising national expectations for oil-driven development.
Since commercial production began in 2010 with the Jubilee field, Ghana has relied on oil revenue to fund infrastructure, social programs, and stabilize public finances.
However, the recent downturn highlights the country’s continued vulnerability to external shocks and operational bottlenecks, reinforcing calls for diversification of government revenue sources beyond hydrocarbons.
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