Friday, February 23

Ghana Earns $521.86 Million from Crude Oil in Second-Half of 2023: Petroleum Funds Report

The Second-Half Ghana Petroleum Funds 2023 report has revealed that Ghana raked in $521.86 million from crude oil revenues during the latter part of 2023. Out of this, $319.73 million was generated from crude oil liftings between May 2023 and October 2023.

In addition to crude oil revenues, the country received $198.6 million in corporate taxes during the same period. These taxes were attributed to crude oil liftings conducted by Kosmos Energy, Tullow Oil, and Petro SA.

Furthermore, Ghana accrued $3.32 million in interest from the Petroleum Holding Funds, highlighting the financial gains from prudent investment strategies. Other income streams, such as surface rental, contributed an estimated $112,082 to the national coffers.

The report also underscored the significant returns from investments made through the Ghana Petroleum Funds, totaling $1.23 billion during the specified period. Notably, the Ghana Heritage Fund contributed $1.046 billion to these earnings, while an additional $190.38 million was derived from the Ghana Stabilisation Fund.

The revenue figures detailed in the Second-Half Ghana Petroleum Funds 2023 report reflect the continued importance of the oil sector to Ghana’s economy. These earnings underscore the nation’s potential for sustainable economic growth and development, bolstered by prudent financial management and strategic investments in key sectors.

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