Ghana Receives Less Cash From Crude Oil Liftings

Ghana cedi notes

Accra, Ghana, August 16, 2019//-Figures from the Bank of Ghana (BoG) disclosed that a total amount of $311.22 million, has been received into the country’s Petroleum Holding Fund (PHF) in the first half (H1) of 2019.

The lifting proceeds received into the PHF comprising lifting proceeds of the Ghana Group, surface rentals, PHF income and corporation income tax, dropped to $311.22 million, from $423.93 million in second half (H2), 2018.

The PHF and the Ghana Petroleum Funds (GPFs) were established by the Petroleum Revenue Management Act, 2011 (Act 815) (PRMA) and Act 893 as amended.

In accordance with the PRMA Section 28(a) and (b), the BoG is required to report on the performance and activities of the PHF, and GPFs for the first half of 2019 (H1) ended June 28, 2019, according to the PHF and GPFs semi-annual report released this week.

Given the breakdown, the report said: “The H1 lifting receipts comprised $117.37 million for TEN (10th & 11th liftings) compared to 123.88 million for H2 2018, $123.85 million from Jubilee (47th & 48th liftings) compared to $200.30 million for H2 2018, and $70.00 million from Sankofa Gye Nyame (2nd lifting)”.

The lower lifting receipts is predominantly a result of lower crude oil prices, it noted.

During the period under review, a total amount of $123.26 million was received from various entities for the payment of surface rental, corporation income tax, and interest accrued on the PHF account.

The amounts received in respect of other income comprise of $1.138 million from interest on undistributed funds held in the PHF, $0.595 million for surface rental and US$121.53 million for corporation income tax.

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