Ghana profit more in 1st half petroleum funds report –BoG

The Bank of Ghana has released its first half-year report on petroleum receipts and allocations to the Ghana Petroleum Funds. The report spans from January to June 2017. This is in accordance with Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815).

First Half Oil Lifting and other receipts

According to the report a total receipt of $249.8m was accrued from the 35^th, 36^th and 37th lifting from Jubilee fields and 1^st and 2^nd lifting from TEN fields. This depicts an increment of 167.5 percent over the second half of 2016 which recorded $93.4m.

Also, other receipts including Corporate Tax, Surface rental and interest accrued to $272.7m into the fund – showing an increase of 125.7 percent over the second half of last year’s $120.8m. These increases may be attributable to the coming on-stream of the TEN field project.

Allocation to the Ghana Petroleum Funds

The stabilization fund which is endowment fund reserved as alternative for the country to cater for oil price fluctuations received $71.5m in the first half of 2017 – over 4 times more than the $15.99m it received in 2016.

Similarly, the Ghana Heritage Fund, an inter-generational equity reserved for use after oil resource has depleted, also received $30.65m in the first half of 2017.

As at the close of 30 June 2017 the books of the bank recorded $591.3m as total investment for the Ghana Petroleum Funds.