News | Ghana received $464 million petroleum revenue in 2018

Ghana received $464 million petroleum revenue in 2018

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This follows a report released by a committee in the christened the Public Interest and Accountability Committee (PIAC). The Committee is mandated by law to monitor oil revenue and expenditure and report to the citizens.

The report revealed that despite the continuing challenges with information sharing and documentation regarding payments in the oil sector, the country was able to record the about in the first half of the year 2018.

The amount was paid into the Petroleum Holding Fund (PHF) for the period.

The PHF received $372,511.72 in Surface Rentals from seven companies and $72,422,752.49 million for Corporate Income Tax. Undistributed funds in the PHF earned interest of $757,855.51.

PIAC indicated that Carried Interest yielded the most revenue of $168,575,887.49 being 43 per cent of total revenues, followed by Royalties, $151,754,754.45 representing 39 per cent and Additional Participating Interest of $69,685,300.69 representing 18 per cent. All these were recorded within the period under review.

The report said, “Other revenues from Surface Rentals, Corporate Income Tax, and Interest Income accounted for $73,553,119.72 being 16 per cent of the total,” it said.

It notes further that an amount of $203,102,174.08 was deposited into the PHF from the Jubilee proceeds, $134,567,820.03 from the TEN Field and $63,030,602.08 from the Sankofa Gye-Nyame (SGN) Field.

According to the report, “In respect of payment of surface rentals, PIAC said, one Asem Sabastian Klenam was captured in the Bank of Ghana (BoG) 2018 Semi-annual Report as having paid $47,200 in April 2018, adding that, “PIAC’s checks revealed that the said amount was the surface rentals assessed for Ecoatlantic Ghana Ltd/Petrogulf”.

“This is an indication that there is still some challenge with respect to information sharing on the documentation of payments by Ghana Revenue Authority (GRA) and BoG,” it said.

The report found that for within the period under review, the Ghana National Gas Company (GNGC’s) indebtedness to Ghana National Petroleum Corporation stood at $45,170,192.14, with an outstanding opening balance of $230,315,198.37 bringing the total indebtedness to $275,485,390.51.

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By Kwame Ntow 10/01/2019 13:01:00