Adnan Adams Mohammed
The Public Interest and Accountability Committee’s (PIAC) Semi-Annual Report has indicated that, oil revenue for January to June 2024 reached US$840.7 million, a notable rise from US$540 million in the same period in 2023.
This shows a little over $300 million, translating into 55.6 percent jump in oil revenue primarily due to heightened production in part of the new Jubilee South East well.
The percentage revenue rise is the highest half-year earnings since the inception of oil production in Ghana, reflecting a positive trajectory for the sector.
“The upward trend would continue through the remainder of the year”,
PIAC Chairman, Constantine Kudzedzi expressed optimism over the rebound trend.
Also, the report highlighted key aspects of petroleum revenue management, including data on production, government allocations for the Annual Budget Funding Amount (ABFA), and the performance of the Ghana Stabilisation and Heritage Funds.
These funds are instrumental in managing and investing oil revenue for sustainable growth and economic stability.
