1 February 2018

Ghana: Finance Ministry Holds Dissemination Workshop On 2017 Annual Report On Petroleum Funds

press release

Finance Minister, Ken Ofori-Atta, has pledged the commitment of Government to ensuring the transparent and judicious use of petroleum revenues to create opportunities for all Ghanaians and improve their well-being.

Mr Ofori-Atta made the pledge in an address delivered on his behalf at the opening of a workshop to disseminate information about the 2017 Annual Report on the Petroleum Funds in Accra on Tuesday.

The 2017 Annual Report on the Petroleum Funds covers the period January 2017 to September 2017.

This will be followed by a reconciliation report to be published by the end of the first quarter of 2018 to give a full year account on the collection, management and use of petroleum revenues in 2017.

The Report, the seventh in a series, highlights events in the upstream petroleum sector, including activities of the Ministry of Energy, Petroleum Commission, Ghana National Gas Company, Ghana National Petroleum Corporation and its subsidiaries and accounts for the petroleum revenues received during the period and the returns on the Ghana Petroleum Funds.

The Report includes receipts into and transfers from the Petroleum Holding Fund (PHF); deposits into the Ghana Petroleum Funds (GPS) ― Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF); status of the audit report on the Petroleum Funds for 2016; and a balance sheet as at 2016, including a note listing the qualifying instruments of the GPFs.

The Petroleum Funds Annual Report 2017 also provides information on the status of implementation of ABFA-funded projects in 2017 as required by section 48 of Act 815 as Amended.

Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815) as amended by Act 893 requires the Minister for Finance to submit an annual report on the Petroleum Funds as a companion presentation to the Annual Budget Statement and Economic Policy to Parliament.

Source: ISD (G.D. Zaney)

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