Ghana Petroleum Funds Rise to US$1.64bn Despite Stabilisation Fund Withdrawals

PSO Kwame Nkrumah, Gas

Ghana's Petroleum Funds ended the first half of 2026 on a strong footing, with total assets rising to US$1.64 billion, driven by fresh petroleum revenue allocations and investment income despite significant withdrawals from the Ghana Stabilisation Fund.

According to the Bank of Ghana's Report on the Ghana Petroleum Funds for the period ending June 30, 2026, the combined balance of the Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) increased from an opening balance of US$1.55 billion at the beginning of the year to US$1.64 billion by the end of June.

The report shows that the funds received US$197.13 million in petroleum revenue allocations during the first six months of 2026. Of this amount, US$137.99 million was credited to the Ghana Stabilisation Fund, while US$59.14 million was allocated to the Ghana Heritage Fund.

In addition to the allocations, the two sovereign wealth funds generated a combined net investment income of US$27.79 million over the six-month period.

Despite receiving the larger share of allocations, the Ghana Stabilisation Fund recorded withdrawals totaling US$132.94 million, reducing its closing balance to US$182.68 million at the end of June.

By contrast, the Ghana Heritage Fund recorded no withdrawals during the reporting period and continued its steady growth, closing the first half of the year with US$1.46 billion, accounting for the bulk of the country's petroleum savings.

The Bank of Ghana attributed the allocations to proceeds from five crude oil liftings undertaken during the first half of 2026. The liftings were sourced from Ghana's producing oil fields—Jubilee, Sankofa-Gye Nyame, and TEN.

The central bank published the report in accordance with the Petroleum Revenue Management Act, 2011 (Act 815), which mandates the periodic disclosure of Ghana's crude oil liftings, petroleum receipts, and allocations to the Ghana Petroleum Funds.

The latest figures underscore the continued importance of the Ghana Heritage Fund in preserving petroleum wealth for future generations while highlighting the Stabilisation Fund's role in supporting the economy during periods of fiscal or external shocks.

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