Accra: Corporate Income Tax (CIT) emerged as the leading contributor to petroleum revenue in 2025, accounting for 45 percent of the total petroleum receipts, marking the first instance of CIT surpassing all other revenue streams. The total petroleum receipts amounted to US$770.3 million, of which CIT generated US$346.9 million. Carried Participating Interest (CAPI) followed at US$339.3 million, contributing 44 percent, while royalties accounted for 10.1 percent of the total revenue.
According to Ghana News Agency, revenues from Surface Rentals and Interest on the Petroleum Holding Fund (PHF) constituted less than one percent of total revenue. These findings were highlighted at the launch of the 2025 Annual Report on the Management and Use of Petroleum Revenue. Mr. Richard Ellimah, Chairperson of the Public Interest Accountability Committee (PIAC), noted a significant decline in the 2025 revenue compared to the US$1.36 billion recorded in 2024. The overall petroleum receipts decreased by 43.27 percent relative to the previous year.
Mr. Ellimah explained that contrary to previous years, where CAPI had been a top earner for the country, its decline was attributed to a delay in the payment for one lifting from the SGN field by the Ghana group in October 2025, valued at around US$60 million. "According to GNPC, the referenced lifting was executed in October 2025, but the proceeds were received in February 2026 instead of November 2025. The delay was due to geopolitical sanctions involving the off-taker," the report highlighted.
It was noted that the CIT in 2025 falls short of the 2024 figure of US$502.9 million, representing a 31 percent decline. According to the report, from 2011 to date, total petroleum revenue has amounted to US$11.979 billion. The year 2022 recorded the highest realized petroleum revenues into the PHF, with 2016 recording the lowest revenues.
In terms of disbursement, PIAC indicated that the Ghana National Petroleum Corporation (GNPC) received US$107.89 million for both Level A (Equity Financing Cost) and Level B (Net Carried and Participating Interest), while US$433.29 million was disbursed as the Annual Budget Funding Amount. The report also noted that US$229.224 million was disbursed into the Ghana Petroleum Funds (GPFs), which consisted of the Ghana Stabilisation Fund and the Ghana Heritage Fund.
The report highlighted that the Ghana Stabilisation Fund received an amount of US$160.47 million, being 70 percent of the distribution to the GPFs, while the Ghana Heritage Fund received an amount of US$68.77 million, representing 30 percent of the distribution to the GPFs.