This was revealed during a presentation of the 2024 PIAC annual report, which was launched in Accra.
Presenting the highlights of the report, The Chair, PIAC, Mr Constantine K.M. Kudzedzi said on the revenue front, Ghana saw a 27.8 per cent increase in total petroleum income, rising from US$1.06 billion in 2023 to nearly US$1.36 billion in 2024.

This growth, he said was driven mainly by higher global oil prices, made 2024 the second-best year for petroleum receipts since Ghana began producing oil, with only 2022 recording a higher figure.

“Despite this, crude oil production declined again, continuing a five-year fall. Production dropped from 71.44 million barrels in 2019 to 48.25 million barrels in 2024, with a year-on-year dip of 0.01 per cent,” he said.

Mr Kudzedzi warned that the steady decline, averaging 7.4 per cent annually, could threaten future revenue stability if not addressed.
He raised concerns about how state-owned GNPC Explorco manages its revenues. In 2024, the company received over US$145 million from oil liftings but did not pay this amount into the Petroleum Holding Fund.

“This pushed the total unpaid revenue by GNPC Explorco and JOHL to nearly US$489 million,” he said.
Mr Kudzedzi said these funds, representing state participation in oil operations, must be deposited into the Fund.

He raised concerns about Ghana’s inability to recover over 1,186 million standard cubic feet of Make Up Gas from the SGN Field, which had already been paid for.
He said the loss was due to limited gas infrastructure, leading to wasted resources that could have been used for power generation or industry.