The Bank of Ghana has released the latest semi-annual report on Ghana's Petroleum Holding Fund (PHF), indicating that the country received over $521 million in the second half of 2023. This amount, however, marks a decrease from the $696.82 million recorded during the same period in 2022.
The report, mandated by Section 28 of the Petroleum Revenue Management Act, 2011 (Act 815), provides insights into Ghana's crude oil liftings and the allocation of funds to the Ghana Petroleum Funds.
The total petroleum revenue receipts include proceeds from oil liftings, Corporate Tax, Surface Rental, and interest on the Petroleum Fund account. Between May 2023 and October 2023, the country secured approximately $319 million from crude oil liftings.
Corporate tax contributions amounted to $198 million, stemming from crude oil liftings by companies such as Kosmos Energy, Tullow Oil, and Petro SA. Interest from the Petroleum Holding Funds totalled $3.3 million, with an additional income of $112,082 from surface rental.
Ghana's Petroleum Funds Investments yielded $1.23 billion during the period, with the Ghana Stabilization Fund receiving $159 million and the Ghana Heritage Fund bringing in $68 billion.
According to regulations, the Bank of Ghana manages the receipt and disbursement of petroleum revenue. Notably, not more than 70% of the benchmark revenue is allocated to the Annual Budget Funding Amount, while at least 30% is allocated to the Ghana Petroleum Funds.
Of the transferable funds into the Petroleum Funds, the Ghana Heritage Fund receives a minimum of 30% , with the remaining amount transferred to the Ghana Stabilization Fund.
