Ghana’s total petroleum revenue rose to US$1.35 billion in 2024, reflecting a 27.8% increase from the US$1.06 billion recorded in 2023. This is according to the 2024 Annual Report released by the Public Interest and Accountability Committee (PIAC).
This figure represents the second-highest annual petroleum revenue since Ghana commenced commercial oil production in 2011, with the highest being US$1.42 billion in 2022.
Rising prices offset falling production
According to PIAC, the revenue surge was largely driven by favourable international crude oil prices, which helped to cushion the continued decline in oil production.
Ghana’s crude oil output dropped for the fifth consecutive year, reaching 48.25 million barrels in 2024, down from a high of 71.44 million barrels in 2019.
The report noted a marginal year-on-year production decline of 0.01%, with an average annual drop of 7.4% over the past five years.
PIAC expressed concern over the sustained drop in production levels, warning that it poses long-term risks to Ghana’s petroleum revenue potential. The Committee urged the government to prioritise attracting new capital into the upstream oil sector.
“Parliament should ensure that the Ministry of Energy and its allied agencies increase efforts to secure investments in Ghana’s upstream petroleum industry,” the report recommended.
Now in its 14th edition, the PIAC Annual Report covers the performance of Ghana’s petroleum sector from January to December 2024. It includes detailed assessments of production volumes, crude liftings, revenue collection and allocation, as well as utilisation of petroleum funds.
The report reinforces the need for strategic investment and regulatory action to sustain petroleum revenue growth and improve production efficiency.
