Ghana Bags U.S.$6.550 Billion in Oil Revenue... From 2011 to 2020

22 September 2021

Takoradi — Ghana earned oil revenue of $6.550 billion from 2011 to 2020, the Public Interest and Accountability Committee (PIAC), has disclosed.

However, oil revenue dropped to $638.64 million in 2020 due to the COVID-19 pandemic, a period which was not favourable for oil production in the country's deepwater oil blocks.

The Chairman of PIAC, Prof. Kwame Adom-Frimpong, disclosed these at a forum organised for the Coastal Belt (Western and Central regions), in Takoradi, on Thursday.

It formed part of the 10-years celebrations of PIAC, on the theme; "A decade of the management and use of petroleum revenue in Ghana, successes and lessons for the future."

Prof. Adom-Fimpong said that 2020 projections showed that royalties reduced from $236,794 in 2019 to $195,359,in 2020, while surface rentals also reduced from $1,109,537.98 to $697,532.14 million.

He said that out of $6.550 billion received from 2011 to 2020, Ghana National Petroleum Corporation (GNPC) received $2,012.16 billion, representing about 30.72 per cent.

Prof. Adom-Fimpong said the annual budget funding amount(ABFA) was $ 2,557.12 billion(39.04 per cent),Ghana Heritage Fund (GHF) $0.587billion (8.97 percent), and Ghana Stabilisation Fund (GSF), $1,393.18 billion (21.27 per cent).

From 2014 to 2020, the PIAC chairman mentioned that, the Jubilee Fields produced 350,469.95 Million Standard Cubic Feet (MMSCF) of gas, TEN, 179,884.98 mmscf and SankofaGye Nyame, 199,126.687 mmscf, totalling 729,481.61 mmscf of gas.

Prof. Adom-Fimpong said the use of oil funds focused on 12 areas including health, infrastructural development, alternative energy sources andenvironmental protection.

He mentioned the oil revenue was used on projects such as Enchi-Asankragwa road, KIA terminal 3, the Free SHS, the Kojokrom-Takoradi railway project, the Atuabo Gas Processing Plant, Anomabo Fish College.

Prof. Adom-Fimpong assured that PIAC would work in the public interest by providing the opportunity for people to express their views on the utilisation of the oil revenue, saying "we're citizen-led group, without you, we can't monitor the oil projects."

He said PIAC would monitor and evaluate compliance by government and other relevant institutions in the management and use of petroleum revenue and investment, as provided by the law.

Prof. Adom-Frimpong said the committee would provide platforms for public to debate on whether the spending prospects and management and use of revenue conformed to the country's development priorities.

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