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The Bank of Ghana recently released the Petroleum Holding Fund report for the first half of 2023, which provides insights into the country’s petroleum receipts. According to the report, Ghana’s total petroleum receipts amounted to US$540 million during this period.
However, this figure represents a decline compared to the previous year, as, in the same period of 2022, the country recorded US$731 million in petroleum receipts.
Under section 28 of the Petroleum Revenue Management Act (Act 815) from 2011, the report outlines the details of Ghana’s crude oil lifting and how the funds are allocated to the Ghana Petroleum Funds.
Based on the data from the Bank of Ghana’s semiannual report, there was a shortfall of US$191 million, showing a decrease of approximately 26% compared to the earnings in the first half of 2022.
The total petroleum revenue receipts comprise various components, including proceeds from oil liftings, Corporate Tax, Surface Rental, and interest on the Petroleum Fund account.
During the first half of 2023, proceeds from oil liftings amounted to $370 million, corporate tax contributed $166 million, and surface rental summed up to $3 million.
As for the distribution of petroleum revenue during the same period, the Ghana Stabilization Fund received $71 million, and the Ghana Heritage Fund received $30 million, making a total distribution of about $101 million.
Per the law, the Bank of Ghana receives and disburses petroleum revenue for the country.
Under the law, 70 percent of the benchmark revenue must be allocated to the Annual Budget Funding Amount. At least 30 percent is devoted to the Ghana Petroleum Fund.
At least 30 percent of the funds transferable to the Petroleum Funds must go to the Ghana Heritage Fund, and the remaining funds go to the Ghana Stabilization Fund.
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Source: Omanghana.com
