Ghana’s crude oil revenue surged by 55.6% in the first half of the year compared to the same period last year, as reported by the Public Interest and Accountability Committee (PIAC). The increase is largely attributed to higher production volumes, particularly from the new Jubilee South East well.
According to PIAC’s semi-annual report, oil production rose by 10% year-on-year, with revenue reaching $840.7 million, up from $540 million in the same period last year.
However, the report highlighted a continuing issue with outstanding surface rental arrears, which currently total $1,212,335.53, excluding arrears from terminated petroleum agreements. In light of this, PIAC has urged the Ghana Revenue Authority (GRA) to prioritize the collection of these overdue payments.
The Committee also recommended that all assessed surface rentals be deposited into the Petroleum Holding Fund (PHF) by February 28 each year, as mandated by law.
PIAC stressed the importance of using the revenue gains from increased oil production to achieve sustainable benefits for the nation, calling for enhanced accountability and prompt revenue collection to ensure that the positive financial outcomes benefit all Ghanaians.