Ghana rakes $840m in oil revenue in first half of 2024

Ghana’s crude oil revenue experienced a substantial increase in the first half of the year, showing a 55.6% rise compared to the same period last year, according to the Public Interest and Accountability Committee (PIAC).

In its semi-annual report, PIAC attributes this growth to higher production volumes, especially from the newly operational Jubilee South East well.

As a result, oil production saw a 10% year-on-year increase, with revenues reaching $840.7 million—up from $540 million in the first half of the previous year.

Despite the positive revenue growth, the report also underscores a persistent challenge: outstanding surface rental arrears, which remain high at $1,212,335.53, excluding arrears from terminated petroleum agreements.

In response, PIAC has called on the Ghana Revenue Authority (GRA) to prioritize the recovery of these arrears.

The Committee further recommended that all assessed surface rentals be deposited into the Petroleum Holding Fund (PHF) by February 28 each year, in accordance with the law.

PIAC emphasized the importance of ensuring that the revenue gains from increased oil production are translated into sustainable national benefits, underscoring the need for improved accountability and timely revenue collection.

Credit: Citi Business News