Ghana has accumulated a total of $1.4 billion in savings since it began commercial crude oil exports, according to the latest Petroleum Investment Report.
The amount comprises revenues from oil exports, taxes from petroleum firms operating in Ghana, and rental payments made to the state since the country commenced commercial production in 2010.
Fund Performance and Allocations
The report highlights the performance of the country’s petroleum funds, which are managed under the Petroleum Revenue Management Act (Act 893), aimed at ensuring transparent and prudent use of petroleum income.
As of June 2025, the Ghana Stabilisation Fund (GSF) designed to cushion the government against oil revenue volatility had a closing book value of $122 million. However, the fund saw withdrawals totaling $121 million within the same period, having opened the year with $196 million.
The Ghana Heritage Fund (GHF), established as a long-term investment to support future generations after oil reserves are depleted, has reached a value of $1.3 billion.
The GSF’s investment strategy emphasizes preserving capital with minimal risk, while earning moderate returns. These funds are primarily invested in low-risk instruments to maintain high credit quality.
Calls for Legal Reform
Despite the financial gains, industry experts are calling for a review of the existing legal framework guiding petroleum revenue management. Critics argue that the Petroleum Revenue Management Act, while ensuring transparency, may be too restrictive and limits the potential for higher returns.
They suggest that Ghana explore broader investment options, including higher-yield assets, to maximize the returns from its petroleum wealth.
The Petroleum Revenue Management Act (Act 893), amended in 2015, provides the legal basis for collecting, allocating, and managing revenues from the petroleum sector, both upstream and midstream. It also establishes clear rules to ensure accountability and long-term sustainability of the country’s petroleum resources.
Analysts believe that a well-calibrated review of the law could unlock greater value from Ghana’s oil wealth while safeguarding the interests of both current and future generations.
