Ghana bagged $8.8bn oil money between 2011 and 2022 – PIAC report

Data from the Public Interest and Accountability Committee (PIAC) shows that Ghana’s total petroleum revenue between 2011 and 2022 amounted to US$8.8 billion, with the year 2022 recording the highest realized petroleum revenues in the Petroleum Holding Fund (PHF).

The total petroleum revenue in 2022 is the highest for a single year since petroleum production began in Ghana, with a figure of US$1.43 billion.

The least revenue for the years under review was recorded in 2016 when some US$247,000 was generated.

It increased from US$2.58 million in 2021 to US$2.77 million in 2022, with 65 percent (US$1.80 million) owed by four contractors whose Petroleum Agreements were terminated in 2021, according to the PIAC report.

The report further notes that efforts made by the Ghana Revenue Authority to retrieve the arrears are yet to yield the desired results.

Source: Ghana Business