Ghana Made Over $562 Million in Oil Revenue – Find Out Where The Money Went

In the first half of 2014, GHANA received a total of $562,48 million in oil revenue according to the Minister of Finance, Seth Terkper.
Of this amount, transfers to Ghana National Petroleum Company (GNPC) for Equity Financing Cost ($33.72 million) and its share of the Net Carried and Participating Interest ($78.73 million) amounted to US$112.45 million.
“The remaining balance was distributed between the Annual Budget Funding Amount (ABFA) and the Ghana Petroleum Funds (GPFs), – US$204.54 million and US$245.49 million, respectively, in accordance with the provisions in the country’s Petroleum Revenue Management Act (PRMA).
“Of the amount allocated to the Ghana Petroleum Funds, the Ghana Heritage Fund received US$73.65 million, while the Ghana Stabilisation Fund received US$171.84 million,” Tekper said.
The 2014 Budget placed a cap of US$250 million on the Ghana Stabilisation Fund, in line with Section 23(3) of the Petroleum Revenue Management Act.
The excess over the cap of US$250 million was to be used to set up the Contingency and for debt repayment, the Minister revealed.
By the end of the first quarter of 2014, a total of US$426,49 million had accrued in the Ghana Stabilisation Fund, giving an excess over the cap of US$176,49 million.
In line with the 2014 Budget proposal, and in consonance with the PRMA, the equivalence of GH¢50 million of the excess over the cap was used to establish the Contingency Fund and the remaining US$159.06 million transferred into the Debt Service Account for debt repayment.