$1.2bn revenue accrued to Petroleum Funds in H1 2022 – BoG report
Total petroleum revenue received by the Ghana Petroleum Holding Fund for the first half of 2022 amounted to $1.2 billion.
In a semi-annual report on Ghana’s Petroleum Funds prepared by the Central Bank for the review period, total receipts comprised revenue from crude oil lifting from the three oil fields and other receipts from surface rental, corporate income tax and others.
According to the Bank, the PHF received a total amount of $544 million from lifting proceeds in H1 2022 compared to receipts of $285 million in H2 2021.
Proceeds from other receipts such as surface rental, corporate income tax and others amounted to $187m.
Within the review period, some $117m and $273m oil revenue allocation was made to the Ghana Heritage Fund and Ghana Stabilisation Fund respectively.
Per the report, interest accrued on funds allocated to the Heritage Fund and Stabilisation Fund within the first half of the year amounted to $7.1m.
Cumulatively, revenue accrued from oil lifting, other receipts, the Heritage Fund and Stabilisation Fund at the end of the first half of 2022 amounted to a total of $1.2bn.
On a year-on-year basis, oil revenue accrued to the Petroleum Fund marks an increase of $252m when compared to the $971m oil revenue accrued to the Fund in H1 2021.
Peruse details of the report:
BOG Notice No 59 FMD Report for First Half Year Ended 30th June 2022 Crude Oil Liftings of Ghana and the Al… by Fuaad Dodoo on Scribd
