PIAC releases 2024 annual report on petroleum revenues
Ghana’s petroleum revenue surged to US$1.35 billion in 2024, representing a 27.8% increase from the US$1.06 billion earned in 2023, according to the 2024 Annual Report by the Public Interest and Accountability Committee (PIAC).
This marks the second-highest annual petroleum revenue since Ghana commenced oil production in 2011. The all-time record remains the US$1.42 billion earned in 2022.
PIAC attributes the increase in 2024 earnings to higher international crude oil prices, which helped cushion the impact of a continued decline in oil production.
Crude oil output fell for the fifth consecutive year, dropping to 48.25 million barrels in 2024 from a peak of 71.44 million barrels in 2019.
The report cited a marginal year-on-year decline of 0.01%, with an average annual drop of 7.4% over the past five years.
Raising concerns over the persistent production downturn, PIAC urged the government to intensify efforts to attract fresh investment into Ghana’s upstream petroleum 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.
The 14th edition of the PIAC Annual Report covers the performance of Ghana’s petroleum sector from January to December 2024, providing detailed analysis on production, liftings, revenue distribution, and utilisation of petroleum funds.
SP/MA
Watch the latest edition of BizTech below:
Click here to follow the GhanaWeb Business WhatsApp channel