Ghana: Corporate taxes from IOCs account for $202.5m of total oil receipts
Corporate taxes levied on International Oil Companies like Tullow Oil, Petro SA and Kosmos for exploration of Ghana’s oil resources amounted to a total of $202.5m at the end of the second half of 2022.
This constitutes some 29% of the total $696m oil receipts accrued to the State at the end of 2022.
Tullow Oil paid the highest value of taxes, followed by Kosmos and then Petron SA.
In a notice issued by the Central Bank on Thursday, January 26, 2023, detailing oil receipts received for the review period, the BoG indicated that the value of oil liftings from the country’s three oil fields namely Jubilee, TEN and Sankofa amounted to some $492m.
Value of oil liftings in addition to taxes amounts to the total $696m revenue.
Regarding allocation of oil receipts, the Ghana Petroleum Funds comprising the Ghana Heritage Fund and Ghana Stabilisation Fund, received a total amount of $191m.
An amount of $57m was allocated to the Ghana Heritage Fund whereas some $134m was allocated to the Ghana Stabilisation Fund.
