The Bank of Ghana has released its report on the performance of Ghana’s Petroleum Funds for the second half of 2024, revealing a significant increase in oil revenue and a substantial boost to fund allocations.According to the report, Ghana’s petroleum funds have grown to a staggering $1.4 billion, with a total of $543 million received from crude oil lifting during the period. This, combined with other income sources, generated an excess of $144 million.The report, issued under the provisions of the Petroleum Revenue Management Act (PRMA), details the allocations from oil revenue to the Ghana Heritage Fund and the Ghana Stabilization Fund. A substantial amount of $454 million was allocated to the Ghana Petroleum Funds, with $317 million directed towards the Ghana Heritage Fund and $136 million allocated to the Ghana Stabilization Fund.This significant allocation has contributed to a remarkable growth in the total book value of the funds, which reached $1.4 billion as of December 31st, 2024. The 2024 distribution to the funds is scheduled to be made on January 26th, 2025.The growth of Ghana’s petroleum funds is a positive development for the country’s economy, providing a vital source of revenue for development projects and economic stabilization. The Bank of Ghana’s report provides transparency and accountability in the management of Ghana’s petroleum resources, ensuring that the country’s oil wealth benefits its citizens.