Ghana’s crude oil production has seen a notable rebound in the first half of 2024, with a 55.6% increase in petroleum revenue compared to the same period last year. This rise in revenue is attributed to a more than 10% increase in oil production, driven by the commissioning of the new Jubilee South East well.
According to the Public Interest and Accountability Committee (PIAC) semi-annual report, Ghana earned $840.7 million in the first half of 2024, a substantial increase from $540 million during the same period in 2023. This marks the highest half-year revenue since the start of oil production in the country.
PIAC Chairman, Constantine Kudzedzi, noted that the 2024 figures reflect a slight improvement in oil production compared to the first half of 2023. He expressed optimism that this trend could continue throughout the year, potentially leading to an overall boost in crude oil production in 2024 compared to 2023.
The 2024 Semi-Annual Report covers various aspects of petroleum revenue management, including production details, liftings, total revenues due to the state, government allocations, and the management of funds in the Ghana Petroleum Funds. It also assesses the performance of institutions responsible for the petroleum revenue management framework, providing insights to guide policy development and encourage responsible use of petroleum revenues.
