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According to the report, an amount of US$71.27 million was withdrawn from the Ghana Stabilisation Fund account and transferred to the Sinking Fund (US$47,510,145.69) and the Contingency Fund (US$23,755,072.85) account.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


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