Ghana’s oil revenue dips to US$540 Million in first half of 2023

Ghana recorded a total of US$540 million in petroleum receipts during the first half of 2023.

This amount represents a decrease compared to the US$731 million recorded during the same period in 2022.

The report is released in accordance with section 28 of the petroleum revenue management act, 2011 (Act 815) and outlines details of Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.

According to the semiannual report by the Bank of Ghana, there was a shortfall of US$191 million (about 26% less) compared to the earnings during the first six months of 2022.

The total petroleum revenue receipts consist of proceeds from oil liftings, Corporate Tax, Surface Rental, as well as interest on the Petroleum Fund account.

For the first year ending June 30, 2023, proceeds from oil liftings amounted to $370 million, corporate tax contributed $166 million, and surface rental totaled $3 million.

During the same period, the petroleum revenue distributed is as follows: the Ghana Stabilization Fund received  US$71 million, and the Ghana Heritage Fund received $30 million, totaling about US$101 million.

As per the law, the Bank of Ghana is responsible for receiving and disbursing petroleum revenue for the country.