PIAC reports 52% rise in petroleum revenue to $561.41m

Ghana's petroleum revenue surges 52% to $561.41m in H1 2026

Ghana’s petroleum revenue experienced a significant increase of 52% during the first half of 2026, reaching a total of US$561.41 million. According to the latest semi-annual report from the Public Interest and Accountability Committee (PIAC), this figure represents a sharp rise from the US$370.34 million collected during the same period in 2025. This financial growth was largely driven by a combination of higher international crude oil prices and an 11.7% increase in domestic production volumes across the country's oil fields. Total crude oil production for the half-year period rose to 20.58 million barrels, up from 18.42 million barrels in the previous year. The Jubilee Field continued to be the primary driver of this output, maintaining its position as the country's most productive asset. The report noted that the average price for Ghana's crude oil stood at US$92.81 per barrel, which significantly exceeded the government’s initial benchmark price. This favorable pricing environment resulted in a substantial boost to Corporate Income Tax revenues, as oil companies benefited from the higher market rates. Beyond revenue and crude production, the petroleum sector also saw positive trends in gas output and environmental management. Natural gas production increased by 4.4% compared to the first half of 2025. Furthermore, PIAC reported a welcome reduction in gas flaring across production platforms, suggesting improved operational efficiency and better compliance with environmental regulations. These technical improvements contributed to the overall health and productivity of the sector during the first six months of the year. While the revenue surge provides a boost to the national treasury, PIAC cautioned that the sector remains vulnerable to the inherent volatility of global oil markets. The committee emphasized that the current gains are heavily tied to fluctuating international prices and urged the government to manage these resources with long-term fiscal stability in mind. To ensure sustainable growth, PIAC recommended continued investment in upstream activities to maintain production levels and stressed the importance of resolving outstanding payments within the industry to maintain investor confidence.