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BusinessGhana's oil revenue declines to $521M - BoG

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Ghana’s oil revenue declines to $521M – BoG

The latest semi-annual report of the Ghana Petroleum Holding Fund (PHF), disclosed by the Bank of Ghana, indicates that the country received over $521 million in the second half of 2023.

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

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The report, released in accordance with the Petroleum Revenue Management Act, 2011 (Act 815), provides details on Ghana’s crude oil liftings and the allocation to the Ghana Petroleum Funds. Total petroleum revenue receipts include proceeds from oil liftings, Corporate Tax, Surface Rental, and interest on the Petroleum Fund account.

Between May and October 2023, Ghana secured $319 million from crude oil liftings, with an additional $198 million from corporate tax related to crude oil liftings by Kosmos Energy, Tullow Oil, and Petro SA.

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Interest from the Petroleum Holding Funds amounted to $3.3 million, and income from surface rental was estimated at $112,082.

Ghana’s Petroleum Funds Investments generated $1.23 billion during the period, with the breakdown revealing that the Ghana Stabilization Fund received $159 million, and the Ghana Heritage Fund received $68 billion.

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Complying with the law, the Bank of Ghana manages the receipt and disbursement of petroleum revenue, allocating not more than 70 percent of the benchmark revenue to the Annual Budget Funding Amount and not less than 30 percent to the Ghana Petroleum Funds.

Among the transferable funds into the Petroleum Funds, the Ghana Heritage Fund receives a minimum of 30 percent, with the remaining portion transferred into the Ghana Stabilization Fund.

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