Ghana earns $3b in revenue after four years of exporting crude oil

Ghana earns $3b in revenue after four years of exporting crude oil

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Ghana has earned 3 billion dollars from oil since the beginning of commercial production in April 2011.

According to the Petroleum receipts report, this money was earned from the country’s share of crude oil that was exported, as well as taxes paid by companies operating in the country’s oil fields.

According to the report, 1.2 billion dollars was used to fund projects outlined in the budget.

The Ghana National Petroleum Authority received a total amount of $908.28 million, equivalent to 30% of the total revenue.

The Stabilization Levy and Heritage Funds received $589.19 million and $243.42 million (8%) respectively.

In the first half of this year, both funds have received no inflows compared to $150.55 million and $64.52 million respectively received in the same period last year.

As at the end of June, the Ghana Petroleum Investment fund had a total amount of $484 million.

The Stabilization Fund which is meant to stabilize and mitigate the impact of crude oil hikes, has about $233 million, while the Heritage Fund has $250 million.

Also, for the first half of this year, government grossed 213 million dollars as total receipts from crude oil exports.

However, in the last half of 2014, the country raked in 519 million dollars.

Source: myjoyonline.com 2015-08-24

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