The 2018 Public Interest and Accountability Committee, (PIAC), Semi-Annual report on The Management of Petroleum Revenue for the period January to June, 2018 stood at US$463,569,064.38 as paid into the Petroleum Holding Fund (PHF).
This amount was realized from the various sources that constitute petroleum revenues and are captured below in (US$): Carried Interests-168,575,887.49, Royalties-151,754,754.45, Additional Participating Interest 69,685,300.69 and Surface Reritals, Corporate Tax and Interest Income-73,553,11972 Totally-463,569,064.38.
As presented by the Finance Committee Chairman, Dr. Mark Assibey-Yeboah “the totai amount distributed from the Petroleum Holding Fund (PHF) during the period under review was US$475.86 Million.
Out of this amount, the Ghana Stabilisation Fund (GSF) received the largest share of 32%, fellowed by GNPC with 30%, ABFA with 25%, and the Ghana Heritage Fund (GHF) with 13%. The amounts far exceed what was distributed in the f1rst half of 2.017″.
Distribution of Petroleum Revenue in US$: GNPC-142,822,504,32,
ABFA-117,551,658.10, Ghana Stabilisation Fund-150,841,316.89 and Ghana Heritage Fund-64,646,278.66.
The object of the Report is to inform the House and the public on the management and use of the petroleum revenues for the period January to June 2018.
The Public Interest and Accountability Committee (PIAC), established under Section 51 of the Petroleum Revenue Management Act, 2011 (Act 815) is required to prepare and publish two reports -semi and annual reports each year detailing how much petroleum revenue has been collected during the period under review and how the amount so collected has been utilized.
The reports, among others, is to provide oversight and monitoring of the management of petroleum revenues.
The reports are also expected to capture the performance of the Ghana Petroleum Funds (GPFs) and the feedback received from the citizenry during the PIAC public consultations.
In accordance with its mandate, PIAC has prepared and submitted to Parliament the Semi-Annual Report on the Management of Petroleum Revenues for the period January to June, 2018.
The 2018 Semi-Annual Report for the period January to June, 2018 examines crude oil production, marketing, distribution and utilization of the petroleum revenues While making recommendations on the judicious use of the petroleum Funds.
Story by Edzorna Francis Mensah