Ghana’s oil revenue fell to $370.6 million in the first six months (H1) of 2025, down from a record-high of $840.7 million in the same period of last year. The drop represents a 55.9% year-on-year decline and marks the lowest mid-year earnings since 2022, when the country recorded $187.3 million.
The latest figures, published in the First-Half Petroleum Report by the Bank of Ghana last Friday, reflect a reversal from last year’s gains, which had been driven by a 10.7% increase in crude oil production. The fall in revenue comes as Ghana continues to face external risks shaped by fluctuating crude prices, geopolitical tensions, and global trade uncertainties.
Before H1, 2024, Ghana, which started producing oil in 2010, witnessed five consecutive years of declining output. The central bank is yet to release production data for the H1 2025.
However, it revealed that, out of the total earnings, $218.6 million came from crude oil liftings between January and March 2025. These represent the government’s share of production from the major offshore oilfields namely, Jubilee, TEN, and Sankofa Gye-Nyame.
Meanwhile, six upstream petroleum companies contributed $148.8 million in corporate income taxes. They include Tullow Oil, Kosmos Energy, ENI Ghana, Vitol, and PetroSA.
Ghana earned an additional $863,045 from surface rentals and $2.38 million from income on the Petroleum Holding Fund (PHF).
External position still firm
Despite the drop in oil receipts, Ghana’s external position remains strong, buoyed by stronger gold and cocoa earnings, improved remittance flows, and gold-for-oil purchases under the central bank’s reserve management programme, the central bank insists.
These buffers have enabled the central bank to support the cedi which has gained over 40% on the dollar since the start of 2025, making it one of the best-performing currencies this year.
Month-on-month, the country’s gross international reserves rose by about $400 million to $11 billion in June, providing cover for four months and 24 days of imports.
However, when compared to Nigeria — its regional counterpart — the figure lags significantly. Africa’s fourth-largest economy saw reserves climb to $40.1 billion by mid-July, enough to cover nine months and 15 days of imports.
Oil-backed sovereign fund assets rise by $1.4 billion
In addition, Ghana invested about $1.4 billion in its twin-Petroleum Funds, during the review period.
The Ghana Heritage Fund (GHF), which is meant to serve future generations, recorded investments of $1.3 billion while Ghana Stabilisation Fund (GSF), which supports the budget during periods of lower oil revenue, held $122.9 million.
Together, the performance of the two funds highlights Ghana’s effort to strengthen fiscal buffers despite ongoing revenue challenges.
