Ghana earns $157m from oil

GHANA earned a total of $157.4 million of oil during the second half of 2015,

the latest Petroleum Holding Funds and Ghana Petroleum Funds indicates.

According to the report released by the Bank of Ghana, Ghana earned $55.4 million from its 28th lifting of crude oil on June 30, 2015 and $44.78 million on September 9, 2015.

On December 8, 2015 which was the third lifting for the second half of 2015 and the 30th lifting, the nation earned $35.7 million.

$21.5 million as other receipts of the lifting’s was also earned.

The amount of lifting’s reduced due to the increasing reduction in the price of crude oil which ended the year around $40 per barrel.

Total amount received by Annual Budget Funding Amount for second half of 2015 was $92.03 million compared to $147.26 million for first half of 2015. GNPC received an amount of $60.52 million for the second half of 2015 compared to $66.33 million in the first half of 2015.

The Ghana Stabilization Fund and the Ghana Heritage Fund received $15.17 million and $6.50 million respectively in the second half of 2015.

During the second of last year an amount of $121.71million was transferred into the Petroleum Holding Fund

Total amount distributed from the Petroleum Holding Funds in the second half of 2015 was $174.2 million including $12.6 million being other income received.

Total lifting proceeds and other income allocated from inception to the end of December 2015 amounted to $3.198 billion.

By Augustine Amoah

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ABOUT: Nana Kwesi Coomson

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An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.

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