Ghana's 2022 oil revenues hit record high

According to the latest annual report of Ghana's Public Interest Accountability Commission (PIAC), despite a decline in total production, Ghana's oil revenues in 2022 reached US $1.43 billion, the highest since the commercial production of oil in 2010 and an increase of 82.4% from US $783 million in 2021, according to the Daily Profile of Ghana on April 21. The main reason for the increase was high world oil prices caused by the Russia-Ukraine war. Ghana's income includes resource use tax, development interest, corporate income tax, leasing revenue and oil fund revenue. According to the report, Ghana's oil production declined for four consecutive years between 2019 and 2022, to 0.714 billion barrels, 67 million barrels, 55 million barrels and 52 million barrels, respectively, representing an average annual decline of 10%.