Ghana gets $8.7bn as revenue from crude exports since 2011

12th Feb 2023 | Source: Ghanaian Times

An oil rig

Ghana has secured $8.7 billion in total revenue since it started exporting crude oil in April 2011 from its oil fields.

This, according to myjoyonline.com, was captured in Ghana’s Petroleum Oil Accounts at the Federal Reserve Bank of New York and indicated that the revenue came from oil liftings, corporate taxes and other incomes.

The account details showed that oil liftings from April 2011 to December 2022 was $7 billion.

In all, $1.4 billion was advanced to the Ghana National Petroleum Corporation (GNPC) as equity financing cost.

Also, $1.1 billion went to the Ghana National Petroleum Corporation (GNPC) to deal with capital investments.

The Annual Budget Funding Amount (ABFA), according to the report, took about $3.4 billion to finance some projects identified in the budget from April 2011 to December 2021.

The report further showed that $1.9 billion had been advanced to the Ghana Stabilisation Fund Account at the Federal Reserve Bank in New York, USA.

The Stabilisation Fund is designed to help government overcome oil price shocks and revenue volatilities.

The Ghana Heritage Fund, which was also lodged at the Federal Reserve Bank at the end of December 2022, stood at about $828 million.

In line with Section 23 (4) of the PRMA, Act 815 and Act 893, as amended, the cap remained unchanged at $100 million as set by the Minister of Finance (As part of the Minister’s mandate under the PRMA 2011, (Act 815) Section 23(3)) with a Parliamentary resolution.

The accumulated excess over the cap withdrawn in second half (H2) of 2022 was $363.77 million. The new accumulated excess over the cap at the end of H2 2022 stood at $43.66 million.

Total amount withdrawn from inception to end of December 2022 amounts to $1.834 billion.

The report showed the Stabilisation Fund had an open book value of $190 million.

Receipts during the period ending December 2022 was $44 million.

The account showed that in terms of withdrawals, about $90 million had been taken out of the account.

This now leaves $143 million in the account in terms of closing book value.

However, investment income on this fund stood at $607,000.

The Heritage Fund had a closing book value of $918 million ending December 2023.

The account showed that it had a realised investment income for the period of about $5.5 million.

The bank charges for the period stood at $13,000. On the other hand, receipts for the period stood at $18 million.