Ghana has generated an impressive $517 million in crude oil revenues during the second half of 2024, according to the Bank of Ghana’s latest report.
This significant influx of revenue is a testament to the country’s thriving oil industry and its crucial role in driving economic growth.
The report reveals that $369 million of the total revenue accrued from crude oil liftings at the Jubilee, TEN, and Sankofa Gye Nyame oil and gas fields, with the liftings occuring between July and October.
Additionally, the upstream petroleum sector contributed $144 million in corporate taxes, while Planet One Oil and Gas Limited paid $74,000 in surface rental fees.
The Ghana Petroleum Funds also received a substantial allocation of $454 million, with the Ghana Heritage Fund getting $136.2 million and the Ghana Stabilization Fund receiving $317.8 million.
These funds play a vital role in ensuring the sustainability of Ghana’s petroleum revenue management framework.
The steady flow of oil revenue has been instrumental in supporting key sectors such as energy, transportation, and education.
Moreover, the Ghana Stabilization Fund provides a crucial buffer against external shocks, shielding the economy from volatile global oil prices.
As Ghana continues to reap the benefits of its oil industry, this significant revenue boost is expected to contribute to the country’s economic growth and fiscal resilience.
Source: https://energynewsafrica.com
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