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    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

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    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    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

  • 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

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    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

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Petroleum Holding Fund for 2020 Q1 drops by $124m as against 2019 Q1

byLawrence Segbefia
August 2, 2020
in Banking And Finance, Oil And Gas, Top Stories
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A new report by the Bank of Ghana shows that the country received a total of 310.14 million dollars into Ghana’s Petroleum Holding Fund (PHF) for the first half of 2020.

Compared to same period in 2019, the figure dropped by $124. 34 million dollars as the figure for last year was $434.48 million dollars.

The Petroleum Revenue Management Act, which established the Petroleum Holding Fund, requires the Bank of Ghana to report on the performance and activities of the Fund to promote transparency in the oil and gas sector.

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According to the Report, the total amount of $310.14 million dollars received into the Petroleum Holding Fund, comprised the lifting proceeds of the Ghana Group, surface rentals, Petroleum Holding Fund income and corporate income tax.

Total petroleum revenue distributed was $322.57 million dollars. The Ghana National Petroleum Corporation received $80.41 million dollars. The Annual Budget Funding Amount (ABFA) received $169.50 million dollars, whiles the Ghana Stabilization Fund and the Ghana Heritage Fund received an allocation of US$50.85 million dollars and US$21.79 million dollars respectively between January and June this year.

The Ghana Heritage Fund and Ghana Stabilization Fund total return year to date was 5.28% and 0.39% respectively.

Realized income on the Ghana Petroleum Funds in the first half of the year was $8.57 million dollars, as compared to the first half of 2019 total net realized income of $11.20 million.

The Ghana Stabilization Fund and Ghana Heritage Fund accumulated reserves were $133.34 million and $608.54 million respectively.

On its outlook for the next half of 2020, the Bank of Ghana said even though it is optimistic about a rebound of Ghana’s economy, global projections show a negative growth rate due to the COVID-19 pandemic.

Making up for oil revenue shortfall a huge task for Ghana – Kweku Awotwi

The immediate past Managing Director of Tullow Ghana and Executive Vice President of Tullow Oil plc., Kweku Awotwi, has said government would have to work really hard to make up for the revenue shortfalls created by fallen crude oil prices.

The outbreak of the novel coronavirus has led to a limited demand for crude globally.

As a result, prices have also fallen from almost 60 dollars to nearly 30 dollars a barrel thereby affecting global economic growth and creating excess oil supply.

Government had projected to receive $1.567 billion from oil revenues, anchored on a price prediction of $62.61 per barrel.

However, the price on the international market, which was $66.25 per barrel at the start of the New Year, has fallen to $40 per barrel as of August 1, 2020, from an initial drop of almost $30 per barrel, largely due to low demand and a price war between Saudi Arabia and Russia at a point.

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