Accra: Ghana recorded a significant decline in its petroleum receipts for the second half of 2025, with total revenue dropping by approximately US$117.38 million compared to the same period in 2024.
According to Ghana News Agency, the Bank of Ghana's Petroleum Holding Fund (PHF) Semi-Annual Report for July to December 2025 states that total receipts amounted to US$399.65 million.
This figure represents a 22.7 percent decrease from the US$517.03 million generated during the second half of 2024. The report highlights that the decline is primarily attributed to a sharp drop in proceeds from crude oil liftings. Revenue from liftings fell from US$369.25 million in 2024 to US$198.25 million in the period under review, marking a decline of 46 percent.
The report identified only three major liftings for the second half of 2025, notably the 18th lifting from the Sankofa Gye Nyame (SGN) field, and the 83rd and 84th liftings from the Jubilee field. This marks a reduction in the volume of oil parcels exported compared to the previous year. Despite the drop in lifting proceeds, corporate income taxes from the petroleum sector saw an increase.
Taxes paid by oil-producing companies, including Kosmos Energy, Tullow Ghana, and ENI, rose to US$198.09 million, up from approximately US$144 million in the corresponding period of 2024. Other income sources, including interest earned on the Petroleum Holding Fund, contributed US$3.31 million to the state.
Sector analysts attribute the general decline in output to natural field depletion and technical challenges in the upstream sector. The Public Interest and Accountability Committee (PIAC) has previously warned that without significant new investments and the drilling of new wells, the country's oil revenue could face a sustained downward trend. Of the total US$399.65 million received, the government distributed the funds in accordance with the Petroleum Revenue Management Act, the report said.