• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Energy Sector Levies: ESLA collections for 2022 fall short of target by GHS 578.4m

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
65
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

The Global Push for a Just Transition in Energy Jobs

Why the IEA Reinstated Its “Business as Usual” Scenario

GRA Targets Offshore Income in Expanded Tax Compliance Drive

Energy Sector Levies: ESLA collections for 2022 fall short of target by GHS 578.4m

The 2022 Annual Energy Sector Levy Act (ESLA) Report has revealed that actual Energy Sector Levies collected from January 2022 to December 2022 amounted to GHS 6.703 billion. This collection fell short of the target by GHS 578.40 million (7.9%) primarily due to lower consumption of petroleum products and unrealized power sales. However, it represented a 6.5% increase over the 2021 collections, largely driven by higher volumes of petroleum products lifted compared to the previous year.

Total lodgement into ESLA accounts was GHS 6.429 billion, which was 4.1% below the collections. This shortfall was attributed to factors like retention on the Road Fund and Energy Fund Levies by the Ghana Revenue Authority, unpaid invoices from Oil Marketing Companies, and issues related to the transfer of certain collections to the Ministry of Energy by the Electricity Distribution Companies (EDCs).

Of the GHS 5.804 billion of levies lodged into ESLA accounts, the funds were primarily utilized for paying power utility debts, settling coupon payments to bondholders, providing subsidies for Premix Fuel and Residual Fuel Oil (RFO), funding public lighting infrastructure, supporting road maintenance, activities of the Energy Commission, and the National Electrification Programme.

Looking ahead, a forecast of GHS 8.076 billion is programmed to be collected in 2023 under the ESLA, representing a 10.9% increase compared to 2022 programmed collections and a 20.5% increase over the actual 2022 collections. The report suggests positive outlooks for the levies in the medium-term, with estimated collections of GHS 9.644 billion, GHS 11.249 billion, and GHS 13.098 billion in 2024, 2025, and 2026, respectively.

The Energy Sector Levies Act, established in 2015 and amended in 2018, serves various purposes, including managing the liabilities of Energy Sector State-Owned Enterprises (SOEs), promoting sector investments, providing subsidies for specific purposes, supporting road maintenance, activities of the Energy Commission, public lighting, and the National Electrification Programme, all without impacting the National Budget.

Tags: Energy Sector Levies: ESLA collections for 2022 fall short of target by GHS 578.4mEnergy Sector State-Owned Enterprises (SOEs)ESLA
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.