Accra, Ghana – July 2, 2024 – Ghana has reported a significant boost in its economic fortunes, earning a substantial 33% revenue from crude oil proceeds in the second quarter of 2024. This milestone comes as the West African nation continues to solidify its position as a key player in the global oil market.
The Ministry of Finance disclosed that the increase in revenue is attributed to higher global oil prices and increased production levels from the Jubilee and TEN oil fields. These fields, operated by Tullow Oil, have seen enhanced output due to recent technological upgrades and efficient management practices.
According to the Ghana National Petroleum Corporation (GNPC), the country’s total crude oil production for the second quarter stood at 80 million barrels, a 10% rise compared to the same period last year. The average global oil price during this period hovered around $80 per barrel, significantly higher than the previous year’s average of $65 per barrel.
Finance Minister Ken Ofori-Atta emphasized the importance of these earnings for the national economy. “The 33% revenue from crude oil proceeds is a testament to our strategic investments in the oil sector and the diligent work of our oil industry stakeholders. These funds will be pivotal in financing key infrastructure projects and enhancing social services across the country,” Ofori-Atta stated.
The revenue increase is expected to positively impact Ghana’s economic growth, with projections indicating a GDP growth rate of 6.5% for 2024. This financial boost will also contribute to the country’s budgetary support, enabling the government to reduce its fiscal deficit and strengthen the local currency, the Ghanaian cedi.
Furthermore, the increased revenue from crude oil is set to bolster the Ghana Stabilization Fund and the Ghana Heritage Fund, both of which are critical for the country’s economic stability and future development. The government remains committed to ensuring that the oil proceeds are managed transparently and sustainably to benefit all Ghanaians.
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