27.2 C
Accra
Wednesday, February 21, 2024

Related stories

COCOBOD CEO emphasizes competitive prices as key solution to cocoa smuggling

Joseph Boahen Aidoo, the Chief Executive Officer (CEO) of...

Decline in global cocoa price caused loss of GHS2bn in 2021 – COCOBOD

The Chief Executive of the Ghana Cocoa Board (COCOBOD),...

Ghana, 27 developing countries broke; no escape anytime soon – World Bank

The World Bank has revealed that 28 developing economies,...

Japan govt provides 6 Toyota Hilux pick-ups to GEA for MSMEs growth

The Ghana Enterprise Agency (GEA), under the close leadership...

Atta Akyea suggests MIIF CEO may face further inquiry on Agyapa Deal

Chairman of the Mines and Energy Committee of Parliament,...
BusinessUS$1.06bn inflow was recorded by Petroleum Holding Fund in 2023 - Report

Date:

US$1.06bn inflow was recorded by Petroleum Holding Fund in 2023 – Report

In 2023, despite economic challenges, the Petroleum Holding Fund (PHF) reported a total inflow of US$1.06 billion, marking a slight decrease from 2022’s figure of US$1.43 billion, as revealed in the latest report by the Bank of Ghana.

The first half of 2023 witnessed a drop in crude oil prices from US$84.97 per barrel to US$75.68 per barrel due to supply constraints by OPEC, a slowdown in China’s reopening, and global recession concerns.

- Advertisement -

As the designated public fund at the Bank of Ghana for receiving and disbursing petroleum revenue for Ghana, the PHF experienced substantial inflows of US$521.87 million in the latter half of 2023, slightly less than the US$540.15 million in the first six months.

In contrast, the same period in 2022 saw higher receipts at US$696.82 million.

- Advertisement -

The primary revenue sources for the PHF, including lifting proceeds, surface rentals, interest income, and corporate taxes, remained consistent.

Ghana’s crude oil liftings in the second half of 2023 generated US$319.74 million from the Jubilee, Sankofa Gye Nyame (SGN), and Tweneboa Enyenra Ntomme (TEN) fields. The Jubilee field contributed significantly with three liftings totaling approximately US$251.41 million, followed by SGN liftings at US$68.33 million.

- Advertisement -

In the first half of 2023, the Ghana Heritage Fund (GHF) and Ghana Stabilization Fund (GSF) achieved total returns of 1.79 percent and 2.07 percent, respectively. Realized income across the Ghana Petroleum Funds (GPFs) reached US$15.70 million during this period. By the end of 2023, the GSF balance stood at US$190.4 million, while the GHF reached US$1.05 billion.

The PHF received a total of US$540.15 million in the first six months of 2023, with allocations including US$125.71 million to the Ghana National Petroleum Corporation (GNPC), US$238.81 million as the Annual Budget Funding Amount (ABFA), and US$71.64 million and US$30.70 million deposited into the GSF and GHF, respectively.

Other oil-related proceeds, comprising corporate taxes (US$198.69 million), surface rentals (US$0.112 million), and interest income (US$3.32 million), amounted to US$202.126 million. Following allocations, the GHF and GSF received US$68.5 million and US$159.7 million, respectively, out of the US$228.2 million allotted.

A significant development in the second half was the withdrawal of US$106.5 million from the Ghana Stabilization Fund, indicating strategic reserve utilization for fiscal needs, surpassing the US$83 million withdrawal in the first half of 2023.

The GPFs’ investment strategy remained prudent, yielding US$18.1 million in investment income amid market uncertainty in the latter half of 2023, aligning with mandated guidelines to uphold fund growth.

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here