No Result
View All Result
Tuesday, March 21, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

    ECG disconnects GRA, KFC, Ho Airport others from power grid

    GRA monitoring team retrieves over GHC85m revenue shortfall

    Finance Minister leaves for China for debt negotiations

    Ghana’s debt level frustrating businesses, individuals – IEA

    Gold Fields, AngloGold rule out merger after Ghana joint-venture deal

    Volkswagen takes over the responsibility of vehicle assembly in Ghana

    CFAO opens ultra-modern Mercedes Benz showroom

    Govt pays outstanding coupons to individual bondholders

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

    AGM Petroleum Ghana relinquishes South Deep Water Tano block

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

    ECG disconnects GRA, KFC, Ho Airport others from power grid

    GRA monitoring team retrieves over GHC85m revenue shortfall

    Finance Minister leaves for China for debt negotiations

    Ghana’s debt level frustrating businesses, individuals – IEA

    Gold Fields, AngloGold rule out merger after Ghana joint-venture deal

    Volkswagen takes over the responsibility of vehicle assembly in Ghana

    CFAO opens ultra-modern Mercedes Benz showroom

    Govt pays outstanding coupons to individual bondholders

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

    AGM Petroleum Ghana relinquishes South Deep Water Tano block

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Finance Ministry overspends 2015 ABFA by 34 % – PIAC

bycitibusinessnews
June 22, 2016
in Government, Oil And Gas, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Ministry of Finance spent 34% more of the total Annual Budget Funding Amount (ABFA) allocated to it from oil revenues accrued in 2015.

The ministry spent GH¢ 1,124.2 million compared to the GH¢ 1,086.28 million allocated to it.

This is according to the 2015 Annual Report on the Management of Petroleum Revenues by the Public Interest and Accountability Committee (PIAC).

ADVERTISEMENT

The report also noted that the 2015 amount of GH¢ 1,086.28 million amount was however higher than the GH¢ 1,125 million allocated in 2014.

The highest amount of over 400 million cedis representing about 43% was allocated to the roads and other infrastructure sector.

Meanwhile Agriculture modernization received the least of about 60 million cedis representing 5% of the total ABFA for 2015.

A full breakdown of the utilization of the 2015 ABFA is illustrated in the table below;

Priority Area 2015 Revised ABFA Budget (GH¢) Actual ABFA Utilization (GH¢) Percentage share of ABFA (%)
Expenditure on Armotisation of loans for Oil & Gas infrastructure 322,306,372.57 439,234,363.92 39.07
Roads and Other Infrastructure 492,917,039.43 483,347,384.00 42.99
Agriculture Modernisation 30,567,167.50 59,544,174.03 5.30
Capacity Building (including Oil & Gas) 217,157,581.99 142,074,292.19 12.64
Total 1,062,948,161.49 1,124,200,214.14 100

 

Oil revenue declines in 2015

Oil revenue for the period under review declined by about 100 million dollars compared to government’s target for the year.

Figures quoted in the PIAC report indicated that total petroleum receipts in 2015 amounted to 396.17 million dollars below the revised 496.31 million dollars.

The 2015 oil receipts were also more than fifty percent less than the figure recorded in 2015.

The 2014 receipts of 978.02 million dollars were 581.85 million dollars more than the 396.17 million dollars million dollars recorded in 2015.

The development, the Committee contends was significantly due to the huge decline to the lower than expected crude oil price for a greater part of the year.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana                                                                                                            

 

Related Posts

Agriculture

Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

byEmmanuel Oppong

The Peasant Farmers Association of Ghana is urging the government to allocate funds for the construction of the Pwalugu multi-purpose...

Read more

ECG disconnects GRA, KFC, Ho Airport others from power grid

GRA monitoring team retrieves over GHC85m revenue shortfall

Finance Minister leaves for China for debt negotiations

Ghana’s debt level frustrating businesses, individuals – IEA

Gold Fields, AngloGold rule out merger after Ghana joint-venture deal

Govt pays outstanding coupons to individual bondholders

Next Post
Mrs. Mawuena Trebarh, CEO of GIPC

GIPC partners Citi Fm to hold CEOs Breakfast Meeting[photos]

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.