According to the Petroleum Holding Fund report released by the Bank of Ghana, Ghana’s total petroleum receipts for the first half of 2023 amounted to US$540 million. However, this figure reflects a decrease compared to the US$731 million recorded during the same period in 2022.
The report, which is in compliance with section 28 of the petroleum revenue management act, 2011 (Act 815), provides insights into Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.
During the first half of 2023, there was a shortfall of US$191 million (approximately 26% less) compared to the earnings in the first six months of 2022. The total petroleum revenue receipts include proceeds from oil liftings, Corporate Tax, Surface Rental, and interest on the Petroleum Fund account.
For the year ending June 30, 2023, proceeds from oil liftings amounted to $370 million, corporate tax contributed $166 million, and surface rental totaled $3 million.
During the same period, the distribution of petroleum revenue was as follows: the Ghana Stabilization Fund received $71 million, and the Ghana Heritage Fund received $30 million, making a total of about $101 million.
As per the law, the Bank of Ghana is responsible for receiving and disbursing petroleum revenue for the country. Additionally, not more than 70 percent of the benchmark revenue is paid into the Annual Budget Funding Amount, while not less than 30 percent is allocated to the Ghana Petroleum Funds.
Out of the transferable funds into the Petroleum Funds, the Ghana Heritage Fund receives not less than 30 percent, with the remaining amount transferred into the Ghana Stabilization Fund.
Source – citinewsroom.com
