Ghana reaps rewards of oil reserves
from MASAHUDU KUNATEH in Accra, Ghana
ACCRA – GHANA received a total of US$562,48 million in revenues from oil revenues in the first half of 2014, Minister of Finance, Seth Terkper, said.
Of this amount, transfers to Ghana National Petroleum Company (GNPC) for Equity Financing Cost (US$33,72 million) and its share of the Net Carried and Participating Interest (US$78,73 million) amounted to US$112.45 million.
“The remaining balance was distributed between the Annual Budget Funding Amount (ABFA) and the Ghana Petroleum Funds (GPFs), – US$204.54 million and US$245.49 million, respectively, in accordance with the provisions in the country’s Petroleum Revenue Management Act (PRMA)
“Of the amount allocated to the Ghana Petroleum Funds, the Ghana Heritage Fund received US$73.65 million, while the Ghana Stabilisation Fund received US$171.84 million,” Tekper said.
The 2014 Budget placed a cap of US$250 million on the Ghana Stabilisation Fund, in line with Section 23(3) of the Petroleum Revenue Management Act.
The excess over the cap of US$250 million was to be used to set up the Contingency and for debt repayment, the Minister revealed.
By the end of the first quarter of 2014, a total of US$426,49 million had accrued in the Ghana Stabilisation Fund, giving an excess over the cap of US$176,49 million.
In line with the 2014 Budget proposal, and in consonance with the PRMA, the equivalence of GH¢50 million of the excess over the cap was used to establish the Contingency Fund and the remaining US$159.06 million transferred into the Debt Service Account for debt repayment.
– CAJ News
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