Ghana Earns $6.55bn From Oil In 10 Years

Ghana has earned $6.55 billion in total petroleum receipts between 2011 and 2020, an ‘Assessment of the Management and Use of Ghana’s Petroleum Revenues (2011-2020) has revealed.

Out of the amount, the Annual Budget Funding Amount (ABFA) has been allocated the highest amount of $2.6 billion (40 per cent) over the period.

This is followed by the Ghana National Petroleum Cooperation (GNPC), which has so far received $2.0 billion (30 per cent); the Ghana Stabilisation Fund (GSF), $1.39 billion (21 per cent); whereas the Ghana Heritage Fund (GHF) has received $586 million (9%) of the total amount.

This was contained in a report by the Public Interest and Accountability Committee (PIAC) on oil revenues accruing to the country within the period under review and launched in Accra last Monday.

It, among other things, measured the impact of petroleum revenues on the socio-economy and the real sectors of the economy.

It said the ABFA had been a critical financing source for the national budget.

“Nevertheless, while total benchmark revenue allocations to ABFA amounted to GH¢9.41 billion ($2.61 billion), allocations amounted to GH¢8.51 billion ($2.28 billion), with the balance swept into the Consolidated Fund under the government’s Treasury Single Account (TSA) policy,” it said.

It explained that much as the ABFA investments had yielded some successes, its overall impact had been minimal, delayed, or negligible.