Ghana crude oil exports rake in impressive $8.7bn since April 2011
Ghana has seen a significant boost in its oil revenue since the start of crude oil exports in April 2011.
The nation has generated a total of $8.7 billion in revenue, which was made up of various sources including oil liftings, corporate taxes, and other sources of income.
Oil liftings from April 2011 to December 2022 reached $7 billion, while $1.4 billion was provided to the Ghana National Petroleum Corporation as equity financing.
The Annual Budget Funding Amount received $3.4 billion to fund projects, and $1.9 billion was transferred to the Ghana Stabilization Fund to counteract oil price shocks and revenue volatilities.
According to the reports, the Ghana Heritage Fund stood at $828 million at the end of December 2022 and had a closing book value of $918 million, with a realized investment income of $5.5 million.
Meanwhile, the Stabilization Fund had an open book value of $190 million and realized investment income of $607,000.
These reports provide a glimpse into the success of Ghana’s oil exports and the impact they have had on the country’s economy.
The nation continues to make strides in utilizing its resources to boost its financial stability and drive growth.
