Ghana’s petroleum sector has witnessed a significant boost in revenue, with total lodgements into the Petroleum Holding Fund (PHF) reaching $840.77 million in the first half of 2024. This represents a substantial 55.6% increase compared to the $540.46 million recorded during the same period in 2023.
According to the latest data, crude oil liftings, comprising Carried and Additional Participating Interest (CAPI), Corporate Income Tax (CIT), and Royalties, contributed the lion’s share of the total revenue. CAPI led the way, accounting for 45.8% of the total, followed by CIT at 42.7% and Royalties at 10.6%.
The surge in revenue can be attributed to increased receipts from various sources, including Corporate Income Tax, Crude Oil Liftings, Royalties, and interest on the PHF. Specifically, receipts from Jubilee Field crude oil liftings rose by 11% to $248.65 million, while TEN Field liftings generated $76.52 million, a 4.8% increase.
A remarkable 102.3% jump was seen in receipts from SGN Field crude oil liftings, totaling $149.11 million, all of which came from CAPI. Corporate Income Tax also showed strong growth, with receipts increasing by 115.5% to $358.83 million.
This increase reflects the completion of the second round of tax audits on upstream producing companies and ongoing discussions to resolve outstanding tax assessments.
Since 2011, Ghana’s cumulative petroleum revenue has reached $10.69 billion. The significant increase in the first half of 2024 signals a positive trajectory for the sector, although addressing challenges related to Surface Rental payments and finalizing AOE agreements will be crucial for sustained growth.
Ruth Abla ADJORLOLO
