Ghana: royalties, state interest and the Petroleum Holding Fund

Last checked: 20 October 2026 · Levies by country

Ghana takes royalties on crude oil at rates set in each petroleum agreement. The 2019 GHEITI report lists 5% for the Jubilee and TEN fields and 7.5% for SGN ⁴. GNPC holds a 15% initial carried interest in each contract area under Act 919, as stated by GHEITI ⁴. Under Act 815 the Ghana Revenue Authority assesses and collects petroleum revenue, which is paid into the Petroleum Holding Fund at the Bank of Ghana ¹.

Oil royalty, producing fields: Jubilee 5%, TEN 5%, SGN 7.5% ⁴
Oil royalty, post-Act 919 terms: 10% ⁴
GNPC initial carried interest: 15% in each contract area under Act 919 ⁴
Corporate income tax, upstream: 35% under the Income Tax Act, 2015 (Act 896) ⁴
Revenue law: Petroleum Revenue Management Act, 2011 (Act 815) ¹
Collected by: Ghana Revenue Authority ¹
Paid into: Petroleum Holding Fund at the Bank of Ghana ^1,2
Payment deadline: By the 15th day of the month after the month the amount falls due ¹
Receipts in 2025: US$770,274,934 ²

Royalties and state participation

Ghana sets royalty rates and state participation in each petroleum agreement. The 2019 GHEITI Oil and Gas Sector Report describes oil royalty as biddable or negotiable, in a range of 5.0% to 12.5% ⁴. It lists a 10% oil royalty under post-Act 919 terms ⁴.

The same report says GNPC holds a 15% initial carried interest in each contract area under the Petroleum (Exploration and Production) Act, 2016 (Act 919) ⁴. Additional participating interest is biddable or negotiable at 2.5% to 5.0% ⁴.

Field	Oil royalty	Gas royalty	Carried and participating interest
Jubilee	5% ⁴	5% ⁴	13.64% ⁴
TEN	5% ⁴	3% ⁴	15% ⁴
SGN	7.5% ⁴	5% ⁴	20% ⁴

Other fiscal terms

Corporate income tax on upstream petroleum companies is 35% under the Income Tax Act, 2015 (Act 896) ⁴.
Post-Act 919 surface rentals are US$225 to US$900 per square kilometre per year onshore and US$150 to US$600 offshore, by stage of operation ⁴.
The 2019 GHEITI report names no export duty or levy specific to crude oil. It lists the Customs Division as the body that collects import and export duties ⁴.

How receipts reach the Petroleum Holding Fund

Section 2 of Act 815 establishes the Petroleum Holding Fund as a designated public fund at the Bank of Ghana ¹. Section 3 makes the Ghana Revenue Authority responsible for assessing, collecting and accounting for petroleum revenue ¹. Amounts due each month must reach the Fund by direct transfer by the 15th day of the following month ¹.

Section 6 lists the receipts. They include royalties from oil and gas, additional oil entitlements, surface rentals and corporate income tax from upstream and midstream companies ¹. Section 7 requires revenue from the state's direct or indirect participation in petroleum operations to be paid into the Fund ¹.

The Bank of Ghana runs the Fund day to day under an Operations Management Agreement, according to its 2025 financial statements ². GNPC lifts crude on behalf of the state. In 2023 it lifted 9.60 million barrels, 20.05% of total liftings, according to the Ministry of Finance ³.

Where the money goes

Under section 16 of Act 815, money leaves the Holding Fund only for the Consolidated Fund, for the Ghana Petroleum Funds or for deductions the Act allows ¹. The Ghana Petroleum Funds are the Ghana Stabilisation Fund and the Ghana Heritage Fund ¹. They receive petroleum revenue above the Annual Budget Funding Amount ¹.

Transfer from the Holding Fund	2025	2024
Annual Budget Funding Amount	US$433,291,809 ²	US$493,250,730 ²
Ghana Stabilisation Fund	US$160,456,514 ²	US$408,972,359 ²
Ghana Heritage Fund	US$68,767,077 ²	US$175,273,868 ²
GNPC equity finance	US$67,061,610 ²	US$142,186,274 ²
GNPC share of carried and participating interest	US$40,831,087 ²	US$138,405,619 ²

Latest published figures

The Bank of Ghana's 2025 statements record total petroleum revenue of US$770,274,934 in 2025 ². Ghana Group oil lifting proceeds were US$416,878,593 and corporate income tax was US$346,848,000 ². The statements show lifting proceeds as one line and do not split out royalties ².

PIAC announced its 2025 Annual Report in a press statement dated 8 April 2026 ⁷. As reported by Kingsley E. Hope of the Ghanaian Times on 10 April 2026, the report put 2025 receipts at US$770.3 million, a 43.27% fall from 2024 ⁶.

For 2024 the PIAC Annual Report gives US$1,357,793,869.40 ⁵. The Bank of Ghana statements give US$1,357,793,871 for the same year ². PIAC found that GNPC Explorco did not pay lifting receipts of US$145,681,117.00 into the Holding Fund in 2024 ⁵.

The latest split by stream found in an official report is for 2023. The Ministry of Finance recorded royalties of US$219,608,785 and carried and participating interest of US$470,673,746, within total receipts of US$1,062.32 million or GH¢12,370.01 million ³.

Common questions

What is Ghana's royalty rate on crude oil?

It is set per petroleum agreement. The 2019 GHEITI report lists 5% for Jubilee and TEN, 7.5% for SGN and 10% under post-Act 919 terms ⁴.

Where do Ghana's oil revenues go?

Act 815 requires petroleum revenue to be paid into the Petroleum Holding Fund at the Bank of Ghana, which then transfers money to the budget, the Ghana Petroleum Funds and GNPC ^1,2.

How much did Ghana earn from petroleum in 2025?

The Bank of Ghana recorded US$770,274,934 in Petroleum Holding Fund receipts for 2025 ².

Does Ghana charge an export levy on crude oil?

The 2019 GHEITI report names no export duty or levy specific to crude oil ⁴.

Who checks how Ghana spends oil money?

Act 815 establishes the Public Interest and Accountability Committee (PIAC), which has eleven members ¹. PIAC publishes annual and semi-annual reports ^5,7.

Rules and fees change. Check the official site linked above before you apply or pay. Spotted an error? Email [email protected] with the official link.

Sources

What is an oil export levy?
How oil export levies, permit fees and accreditation charges work, how they differ from royalties and profit oil, and where figures are published.
Nigeria: royalties and charges on crude oil production and export
Nigeria's crude oil royalty rates under the Petroleum Industry Act 2021, how NUPRC collects them, export permit rules and the 1% content levy.
Uganda: oil royalties, taxes and the Petroleum Fund
Uganda's oil royalty scales, Petroleum Fund rules, EACOP terms, first-oil timing and UGEITI revenue figures, from official sources.
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