Ghana’s crude oil revenue surged by 55.6% in the first half of 2024, reaching $840.7 million compared to $540 million in the same period last year, according to the Public Interest and Accountability Committee (PIAC).
This increase is largely due to higher production, particularly from the new Jubilee South East well, which boosted oil output by 10% year-on-year.
However, PIAC’s report highlights ongoing issues with unpaid surface rental arrears, totaling over $1.2 million, excluding arrears from terminated agreements.
To address this, PIAC urged the Ghana Revenue Authority to prioritize collecting these arrears and recommended that all assessed surface rentals be deposited into the Petroleum Holding Fund by February 28 each year.
PIAC stressed the importance of turning increased oil revenues into sustainable national benefits through better accountability and efficient revenue management.
