Ghana Made Over $6.5 Billion In Oil Revenue In 10 Years

According to the Public Interest and Accountability Committee’s Report on Oil Revenue, Ghana has earned over $6.5 billion from mining the “black gold” over the last 10 years.

The Ghana National Petroleum Corporation received $2,012.16 billion, or 30.72 percent, of the $6.550 billion received between 2011 and 2020, while the Annual Budget Funding Amount (ABFA) received $2,557.12 billion, or 39.04 percent, the Ghana Heritage Fund $0.587 billion, or 8.97 percent, and the Ghana Stabilisation Fund $1,393.18 billion (21.27 per cent)

Professor Kwame Adom-Frimpong, Chairman of the Public Interest and Accountability Committee (PIAC), made the announcement at a Takoradi workshop for Western and Central region stakeholders.

The conference was part of PIAC’s 10th anniversary celebrations, with the topic “A Decade of Petroleum Revenue Management and Use in Ghana: Successes and Lessons for the Future.”

Oil revenue, on the other hand, fell in 2020 as a result of the COVID-19 epidemic, with royalties falling from $236,794,156.13 in 2019 to $195,359,565.96 in 2020, and carried and participation interest (CAPI) falling from $505,987,937.41 to $300,926,631.91 over the same year.

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Prof Adom-Frimpong stated that between 2014 and 2020, the Jubilee Fields produced 350,469.95 million standard cubic feet (mmscf), Tweneboa Enyenra Ntomme (TEN) produced 179,884.98 mmscf, and Sankofa Gye Nyame produced 199,126.687 mmscf, totaling 729,481.61 mmscf.

Health, infrastructure, alternative energy sources, environmental protection, social welfare, security, institutional strengthening, and agriculture were among the 12 development poles targeted by the oil funds, according to him.

He cited the Enchi-Asankragwa Road, Terminal Three of the Kotoka International Airport, the Free SHS, the Kojokrom-Takoradi Railway project, the Atuabo Gas Processing Plant, and the Anomabo Fish College as examples of how oil money had been spent in Ghana.

Prof Adom-Frimpong stated that as a citizen-led organization, the PIAC would continue to engage the public in order to obtain collective perspectives on how the revenue from the resource should be used.

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Source: Graphic Online


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