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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

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    CBOD calls for a more structured supply of Forex for petroleum products

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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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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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