Ghana launches 2012 annual Petroleum Revenues report

Ghana drilling with flag22 November 2013, Accra – The annual report on the management of petroleum revenues for the year 2012, has been launched in Accra.

The report, produced by Ghana’s Public Interest and Accountability Committee (PIAC), which was expected to be released in March 2013 was faced with resource constraints leading to the delay in its release.

The report contained previews of previous reports as well as analysis of crude oil production and lifting for the year 201 2. According to the report, the total balance standing in the Ghana Petroleum Funds was $93,592,808.78 made up of $71,898,587.68 in the Ghana Stabilization Fund and $21,698,221.10 in the Heritage Fund.

In a presentation, Major Daniel Quaicoo, a multi-purpose driller, said the report was very crucial to the development of the country because it revealed Ghana’s actual shares in the jubilee field as well as the cost of production.

He disclosed that there were shortfalls in revenue due to the non-receipt of corporate taxes which amounted to GHS 384million.

Major Quaicoo said PIAC had made some recommendations to the Ministry of Finance (MoF) to consider utilizing a dedicated account to receive the Annual Budget Funding Amount (ABFA) from the Petroleum Holding Fund at the Bank of Ghana.

He called on the MoF to take immediate steps to publish a more detailed report on how ABFA, which was approved by parliament, was disbursed and also provide more details of expenditure on Loan repayment and capacity building in the report, while urging government to support the committee to come out with a more detailed report in their subsequent releases.

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