GHANA · OIL REVENUE
Key Facts
- —What is happening Ghana petroleum revenue rose 52% to US$561.41 million (about GH₵6.56 billion) in the first half of 2026, while crude output grew 11.7% to 20.58 million barrels.
- —Why it matters Oil income helps fund Ghana’s budget, and PIAC puts the gain mainly down to higher crude prices, so receipts could swing back if prices fall.
- —The numbers Receipts were US$370.34 million (about GH₵4.33 billion) a year earlier, and corporate income tax rose 37% to US$203.98 million (about GH₵2.38 billion).
- —Who is who PIAC is Ghana’s statutory watchdog on oil revenue, chaired by Richard Ellimah, and the Bank of Ghana runs the Petroleum Funds that receive the money.
- —What to watch Watch whether the Finance Ministry moves revenue above the benchmark into the Petroleum Funds and whether the 2026 outlook of more than US$1 billion holds.
- —What it means for you US investors in Kosmos Energy, a New York listed partner in Ghana’s Jubilee and TEN fields, should note that PIAC puts the gain mainly down to prices.
Ghana earned 52% more from petroleum in the first half of 2026 than a year earlier. Crude output also rose 11.7%, after a sharp fall a year earlier.
Ghana petroleum revenue rose 52% to US$561.41 million (about GH₵6.56 billion) in the first half of 2026. PIAC, the oil revenue watchdog, set out the figures in its semi-annual report, covered by Ghanaian media on Thursday, 22 October.
Crude output grew 11.7% to 20.58 million barrels, helped by higher output at the Jubilee and Sankofa Gye Nyame (SGN) fields. The gain follows a sharp fall in the first half of 2025, when receipts dropped 56% and output fell 26%.
Ghana Petroleum Revenue Drivers
PIAC, the Public Interest and Accountability Committee, is the statutory body that monitors how Ghana collects and spends oil money. It compared January to June 2026 with the same months of 2025, when receipts were US$370.34 million (about GH₵4.33 billion).
PIAC credits the increase mainly to higher crude prices, and GhanaWeb notes the gain may prove volatile. Corporate income tax collections rose 37%, against US$148.75 million in the first half of 2025.
The Bank of Ghana, which manages the Petroleum Funds, publishes its own half-year report on the funds. It shows corporate income tax of US$203.98 million (about GH₵2.38 billion) and five crude liftings worth US$355.50 million (about GH₵4.16 billion).
The central bank counted only three liftings in the first half of 2025. A lifting is the sale of one crude cargo, so the number of cargoes can move receipts sharply.
Where the Oil Money Went
The Bank of Ghana report shows US$561.41 million distributed in the half year. The budget share, the Annual Budget Funding Amount (ABFA), rose to US$278.30 million (about GH₵3.25 billion) from US$148.23 million.
The Ghana Stabilisation Fund, a cushion for budget shortfalls, received US$137.99 million (about GH₵1.61 billion). The Ghana Heritage Fund, a savings pot for future generations, received US$59.14 million (about GH₵691 million).
The two funds closed June with US$1,643.66 million (about GH₵19.21 billion), of which US$1,460.98 million sat in the Heritage Fund. The state oil company GNPC received US$85.98 million (about GH₵1.01 billion) for its carried interest and equity financing costs.
Crude Output Climbs 11.7 Percent
Output from the three producing fields rose from 18.42 million barrels to 20.58 million barrels. That averages about 114,000 barrels a day, against about 102,000 a year earlier, by a simple calculation over 181 days.
Citi Newsroom reports that Jubilee produced 12.82 million barrels, SGN 5.07 million and TEN 2.68 million. Against the 2025 half year (Graphic Online), Jubilee rose about 16%, SGN about 15% and TEN fell about 10%, by simple calculation.
Citi Newsroom reports that gas production rose about 4.4% to 136,151.09 million standard cubic feet. It says flaring fell 74.02% at Jubilee, 40.79% at TEN and 79.73% at SGN.
Citi Newsroom puts cumulative output since commercial production began at about 714.56 million barrels by the end of June. PIAC stressed that a maturing sector needs continued investment in existing fields and new upstream capital.
Concerns Raised in the Report
PIAC says revenue stays exposed to global oil price swings and to the timing of crude liftings. GhanaWeb reports that PIAC puts the rise mainly down to higher crude prices.
About US$2.41 million (about GH₵28.2 million) in surface rental payments was still outstanding at the end of June. A further US$1.73 million (about GH₵20.2 million) is owed under terminated petroleum agreements.
Of US$40.14 million (about GH₵469 million) in Jubilee equity financing received, only US$23.45 million went to Jubilee costs. The other US$16.69 million, plus other receipts, covered non-field costs such as staff and the head office building, GhanaWeb reports.
GhanaWeb also reports that the Finance Ministry gave no data, so the report omits its chapter on how the money was used. PIAC wants the ministry to transfer revenue above the benchmark to the Petroleum Funds promptly.
What It Means for US Readers
Kosmos Energy (NYSE: KOS) holds interests in the Jubilee and TEN fields. Higher receipts reflect crude price gains that also help such producers, though the outlets link the figures to no company.
Ghana is a net oil importer, PIAC chairman Richard Ellimah told Citi Business News on 14 October. He said high prices lift state revenue but also raise domestic fuel costs, and PIAC now sees 2026 revenue above US$1 billion.
Travellers and businesses in Ghana should expect fuel costs to follow world crude, as Ellimah warned. The reports cited here announce no change in rules for foreign oil companies or visitors.
What Is Not Known
The full PIAC report could not be opened because its website returned an error. The PIAC figures therefore come from Citi Newsroom and GhanaWeb, and the fund figures from the Bank of Ghana.
The PIAC release date is not confirmed, and the field, gas and flaring figures rest on Citi Newsroom alone. The Bank of Ghana shows receipts of US$561.69 million and distributions of US$561.41 million.
PIAC’s headline matches the Bank of Ghana distributions. The missing Finance Ministry chapter means the use of the funds in 2026 cannot be checked here.
It is not known whether the Additional Oil Entitlement dispute will be settled. The Ghana Revenue Authority, GNPC, the Energy Ministry and oil companies have not agreed on payment.
Conversions use a rate of GH₵11.69 per US$1, the open.er-api.com rate of 22 October 2026, not a Bank of Ghana rate. Cedi amounts here are conversions of the US dollar figures, not figures from the report.
What Comes Next
PIAC recommends gas venting monitoring and a framework to invest in existing fields, especially TEN. Its annual report for 2026 should show whether the revenue gain lasts, and recent annual reports appeared in April or May.
A fall in crude prices would shrink corporate income tax and lifting income quickly. Production growth would then have to carry the revenue, which the report does not yet show.
Frequently Asked Questions
How much did Ghana earn from petroleum in the first half of 2026?
Total petroleum receipts were US$561.41 million (about GH₵6.56 billion), up 52% from US$370.34 million a year earlier. Higher crude prices and a 37% rise in corporate income tax drove the gain.
How much crude oil did Ghana produce?
Output rose 11.7% to 20.58 million barrels in the six months to June 2026. Jubilee produced 12.82 million barrels, SGN 5.07 million and TEN 2.68 million.
What is PIAC?
The Public Interest and Accountability Committee is Ghana’s statutory watchdog on oil revenue. It reports twice a year on how petroleum money is collected and spent.
Where does Ghana’s oil money go?
In the half year, US$278.30 million (about GH₵3.25 billion) went to the national budget as the ABFA. The rest went to the Stabilisation and Heritage funds and to the state oil company GNPC.
Does this change anything for US readers or travellers?
US investors in oil producers in Ghana may watch how prices drive receipts. The report announces no change in travel advice or entry rules.
Sources: Citi Newsroom, 22 October 2026; GhanaWeb, 22 October 2026; Bank of Ghana, Ghana Petroleum Funds Semi Annual Report H1 2026; Citi Newsroom, 14 October 2026; Ghana News Agency, July 2026; Graphic Online, 10 October 2025 (all accessed 22 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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