Ghana received some 144,400,610.40 dollars as part of the Ghana Petroleum Funds from three lifting’s of crude oil from the Jubilee oil fields as at the end of the first half of 2016.
This is according to a publication from the Bank of Ghana on crude oil lifting’s of Ghana and the allocation to the Ghana Petroleum Funds.
The opening book value of the Ghana Petroleum Funds investments as at January 1, 2016 was 436,779,599.36 dollars with the Ghana Stabilization Fund opening balance being 177,396,126.90 dollars while the Ghana Heritage Fund had an opening value of 259,383,472.36 dollars.
According to the figures, in the first half of the year Corporate Income Tax contributed 2,285,643.42 dollars; Surface Rental receipts yielded 382,000.82 dollars; Petroleum Heritage Fund Interest was 36,382.16 dollars, meanwhile Ghana National Gas Company proceeds also generated an income of 9,302,806.35 dollars.
Of the total amount received from the thirtieth lifting, the Ghana heritage fund on March 24, 2016 received 2,772,660.33 dollars while the Ghana stabilization Fund received 6,469,540.76 dollars.
Proceeds from the lifting were received in first half of this year; more specifically, although the thirtieth lifting was undertaken on December 8, 2015, the proceeds were realized and accounted for in January 2016.
Total proceeds from the sale of the thirtieth to the thirty – second Jubilee lifting’s, which comprised 2,891,250 barrels of crude oil, amounted to 114,400,610.40 dollars.
The lifting proceeds, when added to other petroleum receipts generated a total of 240,808,053.55 dollars in first half of 2016.
Also, 10,071,635.46 dollars was disbursed into the Ghana Petroleum Funds from the thirty – first lifting proceeds on the 31st of March 2016.
The Ghana heritage fund received 3,021,490.64 dollars while the Ghana stabilization fund also received some 7,050,144.82 dollars.
According to the Petroleum Holding fund and the Ghana Petroleum Funds semi – annual report published by the Bank of Ghana, there were no withdrawals during the first half of 2016.
The total net income accrued to the Ghana Stabilization Fund and the Ghana Heritage Fund [GHF] accounts as at June 30, 2016 was 3,069,904.37 dollars with the Ghana Stabilization Fund having an interest of 435,914.13 dollars and the Ghana Heritage Fund accruing some 2,633,990.24 dollars.
As at the end of June 30, 2016 the Ghana Stabilization Fund had a closing book value of 191,351,726.61 dollars and the Ghana heritage fund had 267,188,613.67 dollars as closing book value.
By: Norvan Acquah-Hayford/citibusinessnews.com/Ghana