By: Fred Yaw
Sarpong-Daily Express
An
amount of US$121.71 million was received into the Petroleum Holding Fund (PHF)
for the second half of 2015, data from the Bank of Ghana indicates.
Additionally,
with US$100.20 million being proceeds from the crude oil Ghana National
Petroleum Corporation (GNPC) lifted on behalf of the country in June and
September, 2015.
The
amount also includes US$21.51 million from taxes, royalties, surface rentals
and interest earned on undistributed lifting.
These
were contained in the Petroleum Holding Fund (PHF) and the Ghana Petroleum
Funds (GPFs) Semi-Annual report, published by the Bank of Ghana.
The
report highlights the performance and activities of the Petroleum Holding Fund
(PHF) and the Ghana Petroleum Funds (GPFs) for the second half of 2015.
Meanwhile,
total amount distributed from the PHF in second half of 2015 was US$174.23
million, including US$12.63 million being other income received during the
period.
It
stated that the total amount received by Annual Budget Fund Amount (ABFA) for the
second half of 2015 was US$92.03 million compared to US$147.26 million for the
first half of 2015.
“GNPC
received an amount of US$60.52 million for Carried and Participating Interest (CAPI)
and Equity Finance Cost (EFC) in second half of 2015 compared to US$66.33
million gained in first half of 2015,” the report stated.
The
Ghana Stabilisation Fund (GSF) and the Ghana Heritage Fund (GHF) received
US$$15.17 million and US$$6.50 million respectively within ending December 2015.
The
central bank’s report revealed that total lifting proceeds and other income
allocated from inception (2011) to the end of December 2015 amounted to
US$3.198 billion.
About
US$1.375 billion allocated into ABFA representing 43% of the total revenue
while GNPC received a total amount of US$968.81 million equivalent to 30% of
total revenue.
However,
the GSF and GHF had each received an amount of US$604.36 million (19%) and
US$249.92 million (8%) respectively.
According
to the report, an amount of US$71.27 million was withdrawn from the Ghana
Stabilisation Fund account and transferred to the Sinking Fund
(US$47,510,145.69) and the Contingency Fund (US$23,755,072.85) account. “This
transfer was in line with Section 23(4) of the Petroleum Revenue Management
Act, 2011(Act 815),” the central bank noted.
It
was established that other petroleum receipts comprising payment for gas sold
to the Ghana National Gas Company (GNGC), surface rental, corporate taxes,
price differential and interest earned on undistributed funds received in second
half of 2015 amounted to US$21.51 million.
Of
this amount, corporate tax totaled US$20.41 million and interest on
undistributed funds was US$0.01 million, surface rental of US$0.1 million and
other payments amounted to US$0.973 million. A total amount of US$ 9.21 million
will be distributed with the proceeds of the lifting done in December by the GNPC.
“The
Petroleum Holding Fund Account (PHF) at the end of the second half of 2015,
held a balance of US$9.415 million which comprised undistributed petroleum
receipts amounting to US$9.214 million and a mandatory balance of US$200,000.00,”
the report noted.
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