2022: Ghana bags US$1.43 billion from oil

Ghana’s total petroleum receipts (i.e. proceeds from liftings and other petroleum receipts) as of December 2022, amounted to US$1.43 billion, Finance Minister Ken Ofori-Atta has told parliament in his mid-year budget review on Monday, 31 July 2023.

This amount comprises receipts from: the 63rd to the 68th liftings from the Jubilee field; the 20th and 21st liftings from the Tweneboa Enyenra Ntomme (TEN) field; and the 9th, 10th and 11th liftings from the Sankofa-Gye Nyame (SGN) field, Mr Ofori-Atta said.

He said in addition to the total receipts for the year under review, petroleum receipts that spilled over from 2021 to 2022 was US$14.82 million bringing the total amount distributed to US$1.44 billion.

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This compares with the amount distributed of US$808.61 million for the same period in 2021.

A total of US$581.52 million was transferred into the Ghana Petroleum Funds (GPFs) in 2022, compared to US$227.49 million in 2021, Mr Ofori-Atta said, adding: “Out of the amount transferred, the Ghana Heritage Fund (GHF) received US$174.46 million, against US$68.25 million in 2021 while the Ghana Stabilisation Fund (GSF) received US$407.06 million, compared to US$159.24 million in 2021”.

The minister said the total amount transferred in 2022 from petroleum liftings and related proceeds to the Annual Budget Funding Amount (ABFA) was US$526.31 million compared to US$352.79 million in 2021.

Source: classfmonline.com