Petroleum revenues for Ghana totaled $731.94 million in the first half of this year, a 108.9% increase over the $350.31 million for the same period in 2021.
Why this matter.
Ghana started commercial oil production in 2011 and last year it made $783.33 million, bringing the total amount of revenue the nation has earned since it began commercial oil production in 2011 to $8.09 billion.
The impact on Ghana’s economy
Earnings from corporation taxes, Ghana started commercial oil production in 2011 and has recorded a yearly increase in capacity since then. Most of the e surface rentals, and crude oil lifting.
What this means for the economy
The Ghana National Petroleum Corporation (GNPC) received $173.84 million, while the Annual Budget Funding Amount (ABFA) received $183.02 million. The Ghana Petroleum Funds (GPFs), comprised of the Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF), totaled $390.02 million, with the GSF received $273.02 million and the GHF received $117 million.
Ghana produced a total of 25,861,810.42 barrels (bbls) of crude oil from its three offshore producing fields in the first half of 2022.
Ghana’s oil reserves is about 660 million barrels making it the 43rd in the world. The daily production is now at about 99 thousand barrels daily.