Ghana’s oil revenue dropped to $521m in second half of 2023

The latest Ghana Petroleum Holding Fund (PHF) semi-annual report, released by the Bank of Ghana, shows that the country received over $521 million into its Petroleum Holding Fund (PHF) for the second half of 2023.

However, this amount represents a decrease compared to the US$696.82 million petroleum receipts recorded during the same period in 2022.

The report, released in accordance with Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), outlines details of Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds.

The total petroleum revenue receipts consist of proceeds from oil liftings, Corporate Tax, Surface Rental, as well as interest on the Petroleum Fund account.

According to the data from the fund’s performance for the second half of 2023, the country secured some $319 million from crude oil liftings between May 2023 and October 2023.

For the period under review, $198 million was received from corporate tax. The taxes were from crude oil liftings by Kosmos Energy, Tullow Oil, and Petro SA.

During the same period, interest from the Petroleum Holding Funds totalled $3.3 million, and income from surface rental was estimated at $112,082.

For the Ghana Petroleum Funds Investments, the nation earned $1.23 billion during the period.

The data also revealed that the Ghana Stabilization Fund received $159 million, and the Ghana Heritage Fund brought in $68 billion.

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 shall be 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: Nerteley Nettey

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