Ghana’s Petroleum Revenue Hits $1.36bn in 2024, Up 27.8% from Previous Year

Ghana earned $1.36 billion in petroleum revenue in 2024, marking a 27.8% increase from the $1.06 billion recorded in 2023, according to the Public Interest and Accountability Committee (PIAC).

The figure, revealed during a media engagement in Tamale, is the second-highest annual petroleum revenue since oil production began in December 2010. The peak was in 2022, when the country earned $1.43 billion.

The engagement was aimed at briefing the media as part of ongoing stakeholder engagements on the findings of the PIAC 2024 report.

The engagement also explored collaborative efforts between PIAC and the media aimed at promoting accountability and transparency in petroleum revenue management.

Revenue from 2024 was spent on key priority areas, including roads, health, education, agriculture and fisheries, rail infrastructure, industrialization, allocations to the District Assembly Common Fund, and other major infrastructure projects such as the then government’s Agenda 111.

In line with the Petroleum Revenue Management Act, allocations were also made to the Ghana National Petroleum Corporation (GNPC), the Ghana Heritage Fund, the Ghana Stability Fund, and the Annual Budgetary Funding Amount.

Despite the revenue increase, Ghana’s crude oil output continued its decline, with 48 million barrels produced in 2024, marking the fifth consecutive annual drop since the record-high 74 million barrels in 2019. PIAC attributed the trend to limited investment in downstream activities.

Mr. Richard Ellimah, Chair of PIAC’s Technical Sub-Committee, who led a presentation during the engagement, urged the media to take a proactive role in monitoring and reporting on the status of infrastructure projects funded by petroleum proceeds.

He stressed that such vigilance would strengthen transparency and ensure that the resources are used for the benefit of citizens.

Credit: Kumbundoo Iddrisu