Skip to main content

BoG publishes PHF & GPFS semi-annual report

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According to the report, an amount of US$71.27 million was withdrawn from the Ghana Stabilisation Fund account and transferred to the Sinking Fund (US$47,510,145.69) and the Contingency Fund (US$23,755,072.85) account.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.




Comments

Popular posts from this blog

Akuapem-Apirede to promote tourism

By: Fred Yaw Sarpong sarpong007@gmaail.com
The Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem North Municipality have put in place strategic plans to promote tourist sites in the town.
Apiredehene, Nana Saforo Okoampah III told the Daily Express that their vision is to develop Apirede in a modern way.
“We want to have a modern society and environment. We are doing this on the basis of promoting tourism here,” he added.
According to the Apiredehene, it’s their plan to promote the historic sites and the geographical location of the community.
Apirede is one of the 17 towns that forms the Akuapem State and historically, it used to house the armours of the Akuapem State. The community is part of the Nifa division of Akuapem.
He stated that one of those things was called ‘Odosu’ (the war god for Okuapemhene). “The Chief Executioner in those days for Akuapem also came from Apirede and items that he used were also kept here,” he stated.
“These are a lot of things …

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…