Ghana has accumulated savings of $1.4 billion since it began exporting crude oil in commercial quantities in 2010, according to the latest Petroleum Investment Report.
The funds were generated through a combination of crude oil export revenues, taxes from oil companies operating in Ghana, and rental charges paid to the state. These revenues have been strategically invested to support the country’s economic stability and long-term development goals.
Breakdown of the Numbers
As of June 2025, the Ghana Stabilisation Fund (GSF) designed to shield the national budget from petroleum revenue volatility had a closing book value of $122 million, despite a withdrawal of $121 million earlier in the year. The fund had opened 2025 with a book value of $196 million.
The Ghana Heritage Fund (GHF), which aims to serve as a long-term endowment for future generations once oil reserves are depleted, has now reached $1.3 billion, reflecting a significant buildup over the past 15 years.
According to the Petroleum Holding Fund, both the Stabilisation and Heritage Funds are invested with a focus on maintaining high credit quality and minimizing risk, while ensuring reasonable returns.
Calls for Legislative Reform
Despite the impressive savings, some industry analysts argue that Ghana could have generated even greater returns from its oil sector with more flexible investment strategies and revised regulatory frameworks.
Critics point to the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, which strictly governs how oil revenues are collected, allocated, and managed. While the law ensures transparency and fiscal responsibility, some experts believe it also limits opportunities for higher-yield investments.
“There’s potential to optimize Ghana’s oil wealth through diversified investments that go beyond conservative instruments,” one analyst noted. “We need to find a balance between protecting the fund and growing it.”
These concerns have prompted renewed discussions about reviewing Ghana’s petroleum revenue laws to allow for a more dynamic and growth-oriented approach to managing oil income particularly as the global energy landscape shifts and Ghana considers the long-term future of its oil sector.
A Look Ahead
Ghana’s ability to build $1.4 billion in oil savings demonstrates sound fiscal management and long-term thinking. However, as the nation looks to maximize returns and secure future prosperity, policymakers may need to rethink how oil revenues are managed, invested, and diversified.
