Ghana earns $7.33bn from oil production since 2011

Ghana secured $7.33 billion dollars in revenue since it started commercial oil production in 2011, the 2021 Semi-Annual Report of Petroleum Funds has revealed.

Of the earnings, $6.02 billion was obtained from total liftings, whilst $1.32 billion came from corporate tax, surface rental, amongst others.

In terms of disbursement of the crude oil receipts, $1.26 billion have gone to the Ghana National Petroleum Corporation (GNPC), whereas $2.89 billion went to the Annual Budget Funding Amount (ABFA).

Meanwhile, in the second-half of 2021, a total amount of $433.01 million comprising lifting proceeds of the Ghana Group, surface rentals, interest on Petroleum Holding Funds (PHF) account and corporate income taxes were received into the PHF. The PHF at the end of first-half of 2021 however held a balance of $60.66 million, bringing the total amount to $493.47 million.

Also, total petroleum revenue distributed was $478.35 million.

GNPC received $129.99 million, ABFA received $197.62 million, whiles Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF) received an allocation of $105.52 million and $45.22 million respectively during the period under review.

A balance of $15.32 million, however, remained in the PHF account as of 31st of December 2021.

The total return of the GHF and GSF for the second-half year of 2021 was -1.76% and 0.03% respectively.

Realised income on the Ghana Petroleum Funds in the second-half of 2021 was $5.40 million (GHF contributed $4.87 million and GSF contributed $0.53 million). This is compared to 2020 total net realised income of $8.93 million (GHF contributed US$8.05 million and GSF contributed US$0.88 million).

But the GSF and GHF accumulated reserves were estimated at $244.89 million and $726.54 million respectively.

Source: myjoyonline

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