Ghana’s oil income report on the Petroleum Holding Fund, which offers information on the Fund’s operation, Ghana received petroleum revenues totaling US$540 million for the first half of 2023.

However, this sum is less than the US$731 million reported during the same time period in 2022.

According to section 28 of the Energy Revenue Management Act of 2011 (Act 815), a report detailing Ghana’s crude oil liftings and the distribution to the Ghana Petroleum Funds has been made public.

The earnings during the first half of 2022 were shorted by US$191 million (about 26% less), according to information from the Bank of Ghana’s semiannual report.

The overall petroleum revenue receipts are made up of Corporate Tax, Surface Rental, Oil Lifting Proceeds, and Interest on Petroleum Fund Account.

The proceeds from oil liftings were $370 million for the first year ending June 30, 2023, corporation tax contributed $166 million, and surface rental came to $3 million.

The distribution of petroleum earnings during the same period under consideration is as listed below: the Ghana Stabilization Fund earned $71 million, and the Ghana Heritage Fund earned $30 million, for a combined total of around $101 million.

The Bank of Ghana is mandated by law to collect and distribute the nation’s petroleum revenue.

Additionally, the Annual Budget Funding Amount shall receive no more than 70% of the benchmark revenue, with no less than 30% going to the Ghana Petroleum Funds.

The Ghana Heritage Fund receives at least 30% of the transferrable money into the Petroleum money, with the remaining funds going to the Ghana Stabilization Fund.