According to the Bank of Ghana’s Petroleum Holding Fund report, which details the performance of the Fund, Ghana recorded total petroleum receipts of US$540 million during the first half of 2023.
However, this amount represents a decrease compared to the US$731 million recorded during the same period in 2022.
The report, which was made public in accordance with section 28 of the Petroleum Revenue Management Act of 2011 (Act 815), provides specifics regarding Ghana’s crude oil liftings and the distribution to the Ghana Petroleum Funds.
Data from the Bank of Ghana’s semiannual report show that the earnings during the first half of 2022 fell short by US$191 million (or about 26 percent), as compared to those earnings.
The total petroleum revenue receipts are made up of Corporate Tax, Surface Rental, Oil Lifting Proceeds, and Interest on Petroleum Fund Account.
The proceeds from oil liftings totaled $370 million for the first year ending June 30, 2023, corporate tax contributed $166 million, and surface rental came to $3 million.
The distribution of petroleum revenue over the same period under review is as follows: a total of about $101 million was given to the Ghana Heritage Fund and the Ghana Stabilization Fund, respectively.
The Bank of Ghana is mandated by law to collect and distribute the nation’s petroleum revenue.
Furthermore, not less than 30% of the benchmark revenue must be allocated to the Ghana Petroleum Funds, while the annual budget funding amount may not receive more than 70% of the revenue
The Ghana Heritage Fund receives at least 30% of the transferrable funds into the Petroleum Funds, with the remainder going to the Ghana Stabilization Fund.
