The average interests on Ghana’s Petroleum Funds more than doubled for the second half of 2017.
Latest figures released by the Bank of Ghana on the Petroleum Holding Fund and Petroleum funds showed that the interest went up by about 50 percent and 77 percent.
The Ghana Heritage Fund accrued about 3 percent from the 2 percent realized in the first half of 2017.
The Ghana Stabilisation Fund also yielded an interest of 0.96 from the 0.54 percent in the second and first halves of last year, respectively.
Total amount accruing to Ghana’s Petroleum Holding Fund reached about 500 million dollars in 2017.
For the second half of last year, the Ghana Petroleum Holding Fund raked in some 1.7 million dollars more than the amount realized in the first half.
In addition, surface rentals and Corporate Income Tax raked in 16 and 15 million dollars.
Of the total amount realized, the highest of 91 million dollars was allocated to the Ghana National Petroleum Company (GNPC). This was followed by 85 million dollars to the Annual Budget Funding Amount (ABFA) which is part of the oil revenue to support government’s budget.
Meanwhile the Ghana Stabilisation Fund which is used to cushion oil price in the event of oil price fluctuations, received 71 million dollars.
In addition, the Ghana Heritage Fund which is to support the development of future generations when the petroleum reserves have been depleted, received 31 million dollars.
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By: Pius Amihere Eduku/citibusinessnews.com/Ghana