Ghana generated $370.6 million in petroleum revenue for H1 2025 – Report
Ghana raked in $370.6 million in petroleum revenue during the first six months of 2025, according to the Bank of Ghana’s First-Half Petroleum Semi-Annual Report.
The report details significant income from crude oil liftings, strong corporate tax payments, and other receipts, alongside allocations to the Ghana Petroleum Funds which now hold a combined $1.42 billion.
A breakdown of the numbers shows that three major crude oil liftings from the Jubilee and SGN fields generated $218.63 million in proceeds received between January and April 2025. Corporate tax payments from oil and gas companies formed the largest revenue stream, injecting $148.75 million into the state’s coffers.
Tullow Ghana Ltd. paid about $59.3 million across two quarters, ENI Ghana EP Ltd. paid $37.6 million in taxes, while various Kosmos Energy entities paid over $27 million in tax obligations. Additional revenues included $863,046 in surface rentals from offshore block holders and $2.38 million in interest earned on the Petroleum Holding Fund (PHF).
The report indicates that $63.53 million generated from the crude oil liftings was allocated to the Ghana Petroleum Funds between March and June 2025. Of this amount, the Ghana Stabilisation Fund (GSF) received $44.47 million, accounting for 70% of the total amount, while $19.06 million went to the Ghana Heritage Fund (GHF).
The central bank provided snapshot of the Funds’ performance as of June 30, 2025. The Ghana Heritage Fund (GHF) showed strong growth, starting the year at $1.259 billion and closing at $1.302 billion, mainly driven by the $19.06 million allocation and a significant net investment income of $23.92 million, with no withdrawals made during the period.
On the other hand, the Ghana Stabilisation Fund (GSF) started the year at $196.92 million, it received its $44.47 million allocation and earned $2.86 million in investment income. However, the fund also recorded major withdrawals amounting to $121.33 million, resulting in a closing balance of $122.91 million.
As a result, the total value of the Ghana Petroleum Funds stood at $1.425 billion as of June 30, 2025, a slight drop from the opening $1.456 billion.
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