Skip to main content

PHF receives US$126.41 million in first half of 2016


By: Fred Yaw Sarpong

Semi-annual report for the first half of 2016 suggests that an amount of US$126.41 million was received into the Petroleum Holding Fund (PHF), the Bank of Ghana has said.

This comprised of US$114.40 million being proceeds of the 30th 31st and 32nd liftings of crude oil from the Jubilee Field undertaken by the Ghana Group.

According to the report, about US$12.00 million was also coming from gas sale, taxes, royalties, surface rentals and interest earned on undistributed lifting proceeds held in the PHF.

The report mentioned that out of this amount, corporate tax totaled US$2.29 million and interest on undistributed funds was US$0.04 million, surface rental of US$0.38 million and gas sale proceeds amounted to US$9.30. “A total amount of US$ 0.30 million received in first of half 2016 will be distributed with the proceeds of the 32nd lifting in second half 2016,” it added.

“Total amount distributed from the PHF in first half of this year was US$87.15 million, including other income of US$20.92 million (US$9.21 million was received in second half of 2015),” the report noted.

The Petroleum Holding Fund Account (PHF) at the end of June this year, held a balance of US$48.673 million which comprised undistributed petroleum receipts amounting to US$48.473 million and a mandatory balance of US$200,000.00.

Meanwhile, the total amount received by Annual Budget Funding Amount (ABFA) for the period was US$45.07 million compared to US$92.03 million for the second half of 2015.

It stated that the Ghana National Petroleum Corporation (GNPC) received an amount of US$22.77 million for Carried and Participating Interest (CAPI) and Equity Finance Cost (EFC) in first half 2016 compared to US$60.52 million in second half of 2015.

Also, the Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF) received US$$13.52 million and US$$5.79 million respectively within the first six months of 2016 while an amount of US$15.17 million and US$6.05 million were received respectively within the last six months of 2015.

The semi-annual report mentioned that cumulatively, ABFA received a total of US$1,420.14 million representing 43 percent of the total revenue from the allocation of funds since 2011 to end of end of June 2016 while GNPC received a total amount of US$991.58 million equivalent to 30 percent of total revenue.

“The GSF and GHF had each received an amount of US$617.88 million (19 percent) and US$255.72 million (8 percent) respectively. Total lifting proceeds and other income distributed to ABFA, GNPC, GSF and GHF from inception to the end of June 2016 amounted to US$3,285.31 million,” the report noted.

There were no withdrawals from the GSF during the first six months 2016 under Sections 12 and 23 of the Petroleum Revenue Management Act (PRMA), 2011, (Act 815). The cap of US$200 million set for the GSF in the 2016 Budget was not attained in H1.

The central bank said the performance of the Ghana Petroleum Funds’ portfolios improved at the end of June 2016 relative to second half of 2015.

Adding that return on investment of Ghana Heritage Fund (GHF) for the period was 4.93% compared to 0.74% in second half of 2015. Ghana Stabilization Fund (GSF) returned 0.33% in this year compared to negative 0.01 percent in 2015.

At the end of June 2016, net return on investment of the Ghana Petroleum Funds since inception was US$16.21 million compared to US$13.14 million in second half of 2015.




Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…