Ghana rakes in $267m from oil revenue

The Bank of Ghana has released the petroleum report for the second half of the year 2017. The publication was in pursuant to Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815) that implores the Bank to present quarterly reports on the performance and activities of the Ghana Stabilization Fund and the Ghana Heritage Fund.

According to the report the country accrued US$267m from 38^th, 39^th, 40^th lifting from Jubilee and 3^rd to 4^th lifting from TEN fields. Other receipts including Corporate Tax and Surface rental amounted to $14.8m and $962,746 respectively.

A total amount of US$101.6 was allocated to Ghana Petroleum Funds (GPF) according to the report. The Stabilization Fund received US$71m whilst the Heritage Fund US$30.5m. These were done in consonance with the Act. The GPF received a net income of US$4.8m for the accounting year.