Ghana’s crude oil revenue saw a significant boost in the first half of the year, increasing by 55.6% compared to the same period last year, according to the Public Interest and Accountability Committee (PIAC).

In its semi-annual report, PIAC attributed this growth to higher production levels, particularly from the newly operational Jubilee South East well. As a result, oil production rose by 10% year-on-year, with revenues reaching $840.7 million, up from $540 million during the same period in 2023.

However, the report also highlighted a continuing challenge—outstanding surface rental arrears, which remain high at $1.21 million, excluding arrears from terminated petroleum agreements. To address this, PIAC has urged the Ghana Revenue Authority (GRA) to prioritize the recovery of these outstanding payments.

Additionally, PIAC recommended that all assessed surface rentals be deposited into the Petroleum Holding Fund (PHF) by February 28 each year, in line with legal requirements. The Committee stressed the importance of ensuring that the increased oil revenue contributes to long-term national development, with a focus on improving accountability and timely revenue collection.