Ghana’s earnings from crude oil liftings fell significantly to US$198.25 million in the second half of 2025, down from US$369.25 million recorded over the same period in 2024.
According to the Bank of Ghana’s Semi-Annual Petroleum Funds Report, the decline was driven by a combination of reduced lifting activity and softer global oil prices during the review period.
From July to December 2025, the government lifted a total of three crude oil cargoes two from the Jubilee field and one from the Sankofa Gye Nyame (SGN) field representing a drop compared to liftings carried out in the corresponding period of the previous year.
Proceeds from the Jubilee field amounted to US$134.55 million, while the SGN field generated US$63.70 million. A cargo from the TEN field valued at US$60.79 million, scheduled for November 2025, was not received before year-end and was therefore excluded from the 2025 accounts.
The report also highlights declining global oil prices as a contributing factor. Brent crude prices fell from US$66.61 per barrel at the end of June 2025 to US$60.81 per barrel in December, reducing revenue per shipment.
Despite the drop in crude oil receipts, total petroleum revenue disbursements during the period exceeded inflows, supported by balances accumulated from earlier periods.
The Bank of Ghana warned that ongoing fluctuations in international oil markets could pose further risks to Ghana’s petroleum revenue outlook in the near term.