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Sunday, December 4, 2022

Ghana’s petroleum receipts for Dec. 31, 2018 stands at Gh¢ 4, 529,679,339

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The analysis of  Petroleum Receipts calculated in the United States Dollar (US$) for the year 2018, amounted to US$977,124,929.30 (Gh¢ 4, 529, 679, 339).

A total amount of US$977. 12 million from Petroleum Receipts was allocated to GNPC as Equity Financing Cost, and its share of the net Carried and Participating Interest, ABFA and the Ghana Petroleum Funds.

The allocations were in accordance with the provisions of the Petroleum Revenue Management Act, 201 1(Act 8 15) as amended (Act 893).

Moving the motion for the adoption of the report of the Finance Committee on the 2019 Annual Report on The Petroleum Funds and The 2018 Reconciliation report on The Petroleum Holding Funds, the Chairman of The Committee, Dr. Mark Assibey-Yeboah said

“The Committee was informed that for the year 2018, a total amount of GH¢1,546,376,951 was programmed for ABFA, with GH¢463,913,085 being for Goods and Services and GH¢1,082,463,866 for CAPEX.

The outturn was GH¢827,653,566.25 giving a variance of GH¢718,723,384.7S”.

The Committee observed that “the opening balance on the ABFA Account was Gh¢400, 914,441.

The amount also represent the unspent allocation to the Annual Budget Funding Amount (ABFA) in 2017. The actual ABFA receipts during the year under review was GH¢1,079,031,436.26″.

A total of GH¢827 553,566.25 was spent during the year, leaving a balance of GH¢652 392,311 at the end of the year”.

The Committee noted that the utilized amount of GH¢827.65 million represents 76.7 0% of total ABFA receipts and that was in accordance with the provisions of section 21(4) of the PRMA.

The amount utilized includes Goods and Services of GH¢421.03 million and CAPEX of GH¢406.62 million.

The purpose for submitting the 2018 Annual Report on the Petrole to comply with Section 48 of Act 815 which mandates the Finance Minister  to submit to the House audited financial statements of the previous year which include the: Receipts and transfers to and from the Petroleum Holding Fund, deposits into and Withdrawals from the Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF), and Balance Sheet, including a note listing the qualifying instruments of the Ghana Petroleum Funds.

The 2018 Annual Report on the Petroleum Funds covers receipts and payments made to the Petroleum Holding Fund up to September, 2018.

The purpose of the 2018 Reconciliation Report on the Petroleum Holding Fund is also to comply with Section 15 of Act 815 which provides that not later than the end of the first quarter of each year after the commencement of this Act, the Minister for Finance should reconcile the accrual total petroleum receipts and the Annual Budget Funding Amount of the immediately preceding year and

report on same to Parliament. The report covers receipts and payments made to the Petroleum Holding Fund for the entire year.

Story by Edzorna Francis Mensah

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