Crude Oil Export Earnings Fell in Second Half of 2025 – BoG
By Praisebell Rosemond Larbi
Ghana recorded a significant decline in crude oil export earnings in the second half of 2025, according to the latest Ghana Petroleum Funds Semi-Annual Report released by the Bank of Ghana (BoG).
The report shows that oil lifting receipts between July and December 2025 fell sharply to US$198.25 million, compared with US$369.25 million recorded during the same period in 2024, reflecting weaker export proceeds from the country’s key oil-producing fields.
According to the central bank, receipts from crude oil liftings from the Jubilee Field declined year-on-year. Proceeds from the 83rd and 84th liftings amounted to US$134.55 million, down from US$144.20 million received from the 81st and 82nd liftings in the second half of 2024.
Similarly, earnings from the Sankofa Gye-Nyame Field also fell. The report indicates that the 18th lifting generated US$63.70 million, compared to US$68.54 million recorded from the 16th lifting in the corresponding period of 2024.
Despite the drop in crude oil lifting receipts, the BoG report noted that Ghana received substantial additional inflows during the period under review.
“During the period under review, a total amount of US$201.40 million was received as other income for corporate income tax and Petroleum Holding Fund interest,” the report stated.
This amount comprised US$198.09 million in corporate income tax receipts and US$3.31 million in interest earned on the Petroleum Holding Fund.
Overall, the total inflows into the Petroleum Holding Fund (PHF) in the second half of 2025 stood at US$399.65 million, made up of US$198.25 million from crude oil liftings and US$201.40 million from other income sources.
On the expenditure side, the report revealed that total distributions from the Petroleum Holding Fund during the period amounted to US$493.40 million, exceeding total inflows.
This distribution consisted of US$134.55 million from Jubilee Field liftings, US$63.70 million from the Sankofa Gye-Nyame Field, and US$295.15 million from other income sources, including taxes and interest earnings.
The Petroleum Holding Fund and the Ghana Petroleum Funds were established under the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Acts 893 and 1138, to ensure transparency, accountability, and prudent management of Ghana’s petroleum revenues.
In line with Sections 28(1) and 28(2) of the PRMA, the Bank of Ghana is mandated to publish periodic reports on the performance and activities of the Petroleum Holding Fund and the Ghana Petroleum Funds.
The current report covers the second half of the 2025 financial year, ending December 31, 2025, and provides an update on petroleum revenue inflows, distributions, and overall fund performance during the period.
