Ghana’s petroleum sector delivered a significant financial boost in 2024, generating over $1.35 billion in revenue—a nearly 28% surge from the previous year—thanks to improved returns from taxes, royalties, and state-held interests.
According to official figures, the revenue increase was primarily fueled by stronger inflows from Carried and Participating Interest (CAPI), which brought in $603.5 million, and Corporate Income Tax (CIT), which contributed $502.9 million. Royalties added another $239.9 million to the total.
The Ghana Revenue Authority, in line with the Petroleum Revenue Management Act, collected the funds and deposited them into the Petroleum Holding Fund (PHF). Income streams included surface rentals, royalties, crude oil liftings, and investment returns.
Crude oil liftings alone contributed $843.5 million—up 22.2% from 2023. The Jubilee Field remained a key contributor, accounting for $475.4 million through six separate liftings.
Additionally, returns on PHF investments added $10.8 million to the fund.
The 2024 performance underscores Ghana’s growing reliance on efficient petroleum revenue management and signals an increasingly important role for the sector in national economic planning and development.
