Oil revenues rise sharply in Ghana

Ghana’s oil revenues grew by 51.6% in the first half of 2026, reaching $561.4 million from $370.3 million a year earlier, according to a report by the Public Interest and Accountability Committee (PIAC). This increase is attributed to higher crude oil prices and a 37% rise in corporate income tax revenue from the sector.

Production growth linked to key oil fields

Oil production in the first half of 2026 rose by 11.73%, reaching 20.58 million barrels from 18.42 million barrels in the same period of 2025. This increase is largely due to improved performance at the Jubilee and Sankofa Gye Nyame (SGN) oil fields, which are major contributors to Ghana’s oil output.

Uncertainty over budget allocation of oil funds

The PIAC report highlights a lack of transparency regarding how oil revenues are being used in the national budget, particularly those allocated to the Annual Budget Funding Amount (ABFA). The committee’s president, Richard Ellimah, has urged the Ministry of Finance to provide more detailed information on these allocations.

Ministry claims data has been shared

The Ministry of Finance says it has already provided data on oil revenues and their distribution. It also explains that the ABFA funds for 2026 are earmarked for the Accra-Kumasi highway as part of the government’s "Big Push" infrastructure program, aimed at improving transportation and economic development.

Reforms aim to improve oil fund management

In December 2025, Ghana updated its Petroleum Revenue Management Act to allow for more flexible investment of oil funds. The reform enables the Minister of Finance to choose new financial instruments for managing these funds while still adhering to risk management rules.

New gas project to boost energy use

The government recently approved a second gas processing plant (GPPII) as part of efforts to better utilize natural gas associated with oil extraction. The project is still in the planning phase and aims to reduce gas flaring and increase the share of gas in Ghana’s energy supply.