According to the Bank of Ghana’s most recent semi-annual report on the Ghana Petroleum Holding Fund (PHF), the nation received over $521 million for the second half of 2023.
This sum, however, is less than the US$696.82 million in petroleum receipts reported for the same period in 2022.
Details of Ghana’s crude oil liftings and the distribution to the Ghana Petroleum Funds are provided in the report, which was made public in compliance with Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815).
Proceeds from oil liftings, corporate tax, surface rental, and interest on the Petroleum Fund account make up the total petroleum revenue receipts.
Based on data from the fund’s performance in the second half of 2023, the nation was able to secure roughly $319 million through liftings of crude oil between May and October of that year.
$198 million was received from corporate tax during the review period. The taxes came from Tullow Oil, Petro SA, and Kosmos Energy lifting crude oil.
The Petroleum Holding Funds’ interest was $3.3 million during that time, and the surface rental revenue was projected to be $112,082. The country received $1.23 billion for the Ghana Petroleum Funds Investments during that time.
Additionally, the data showed that the Ghana Heritage Fund earned $68 billion and the Ghana Stabilization Fund received $159 million. By law, the nation’s petroleum revenue must be received and disbursed by the Bank of Ghana.
Furthermore, at least 30% of the benchmark revenue must go toward the Ghana Petroleum Funds, and no more than 70% must go toward the Annual Budget Funding Amount.
The Ghana Heritage Fund is entitled to at least thirty percent of the transferable funds into the Petroleum Funds; the remaining portion is deposited into the Ghana Stabilization Fund.
