Ghana Petroleum Funds Rise to US$1.64bn as Heritage Fund Offsets Stabilisation Withdrawal

Ghana’s sovereign petroleum savings funds closed the first half of 2026 with combined assets of US$1.64 billion, supported by fresh oil revenue inflows and investment returns, even as the government drew significantly from the Stabilisation Fund.

According to the Bank of Ghana’s half-year report on the Ghana Petroleum Funds, total allocations reached US$197.13 million between January and June, reflecting proceeds from five crude oil liftings across the Jubilee, TEN, and Sankofa-Gye Nyame fields.

The Ghana Stabilisation Fund (GSF) received US$137.99 million, while the Ghana Heritage Fund (GHF) was allocated US$59.14 million. The funds also generated US$27.79 million in net investment income during the six-month period.

Despite the fresh inflows, the Stabilisation Fund recorded withdrawals of US$132.94 million, leaving it with a closing balance of US$182.68 million at the end of June.

By contrast, the Heritage Fund—Ghana’s long-term savings vehicle designed to preserve petroleum wealth for future generations—recorded no withdrawals and expanded to US$1.46 billion, accounting for nearly nine-tenths of the country’s petroleum fund assets.

The combined funds opened the year with US$1.55 billion, meaning total assets increased by approximately US$90 million over the first six months of the year.

The figures, published under the Petroleum Revenue Management Act, 2011 (Act 815), underscore the continued accumulation of long-term petroleum savings while highlighting the Stabilisation Fund’s ongoing role in supporting fiscal and macroeconomic stability during periods of budgetary pressure.

For investors and policymakers, the latest data signals that Ghana continues to balance short-term fiscal support with the longer-term objective of preserving oil wealth for future generations.