The Bank of Ghana has reported that total inflows into the Petroleum Holding Fund (PHF) amounted to US$399.65 million in the second half of 2025, comprising crude oil lifting proceeds, corporate income taxes and interest earned on the PHF account.
In its semi-annual report on Ghana’s Petroleum Finds for H2 2025, the Central Bank said crude oil lifting proceeds accounted for US$198.25 million of the total receipts, while other income – made up of corporate income tax and PHF interest – stood at US$201.40 million. Of this amount, corporate income tax contributed US$198.09 million, with interest on the PHF account amounting to US$3.31 million.
According to the report, the Ghana National Petroleum Corporation (GNPC), lifting on behalf of the Government of Ghana, undertook three crude oil liftings during the period. These included the 83rd and 84th parcels from the Jubilee field and the 18th parcel from the Sankofa Gye-Nyame (SGN) field.
Receipts from the two Jubilee liftings amounted to US$134.55 million, down from the US$144.20 million realised from the 81st and 82nd liftings in the second half of 2024. Similarly, proceeds from the 18th lifting at the SGN field declined to US$63.70 million, compared with US$68.54 million recorded from the 16th lifting in H2 2024.
The Bank of Ghana further disclosed that the 25th cargo from the TEN field, valued at US$60.79 million, was expected on November 16, 2025. However, as funds had not been received by year-end, the amount was excluded from petroleum receipts for 2025.
During the review period, total petroleum revenue distributed amounted to US$493.40 million. Of this amount, GNPC received US$42.63 million, while the Annual Budget Funding Amount (ABFA) was allocated US$285.06 million. The Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) received US$49.71 million and US$115.99 million respectively.
The report showed a sharp decline in allocations to GNPC for Capacity and Infrastructure Programme (CAPI) and Equity Financing Cost (EFC), with receipts falling to US$42.63 million in H2 2025 from US$166.29 million in the same period of 2024. Allocations to the ABFA remained relatively stable at US$285.06 million, marginally lower than the US$287.68 million recorded in H2 2024. However, transfers to the Ghana Petroleum Funds declined significantly. The Ghana Heritage Fund received US$115.99 million in H2 2025, compared with US$317.81 million in H2 2024, while the Ghana Stabilisation Fund’s allocation fell to US$49.71 million from US$136.20 million over the same period.
Despite lower inflows and distributions, the Ghana Petroleum Funds recorded a net realised income of US$28.11 million in H2 2025, up from US$25.29 million in H2 2024. The Ghana Stabilisation Fund contributed US$2.96 million, representing 10.54 per cent of total net income, compared with US$5.02 million in the previous year. In contrast, the Ghana Heritage Fund accounted for 89.46 per cent, contributing US$25.15 million, up from US$20.27 million in H2 2024.
As at the end of H2 2025, the combined reserves of the Ghana Petroleum Funds stood at US$1.55 billion. The Ghana Heritage Fund accounted for US$1.38 billion of the total, while the Ghana Stabilisation Fund held US$174.98 million. This compares with total reserves of US$1.46 billion at the end of H2 2024, made up of US$1.26 billion in the GHF and US$196.92 million in the GSF.