Gov’t rakes US$434.5m in petroleum revenues in first half of 2019

The Bank of Ghana has revealed that the government made an amount of US$434.5 million from oil sale from its three oil fields as well as in other fees and taxes.

The central bank in its publication of the first-half performance of the Ghana Petroleum Funds revealed that oil sale from Tweneboa, Enyenra, Ntomme, Jubilee and Sankofa fields fetched the state an amount of US$311.2 million.

Corporate taxes from the various operators of the three oil fields amounted to US$121.3 million and the surface rentals paid by some 7 companies was little above US$595,000.

The publication by the Bank of Ghana is in line with section 28 of the Petroleum Revenue Management Act, 2011 (815).

Out of the total revenues realised, the central bank revealed that US$99.7 million was allocated to the Ghana Stabilization Fund and the Ghana Heritage Fund.

Citi Business News