The Public Interest and Accountability Committee’s Report on Oil Revenue shows that Ghana has bagged over $6.5 billion over the last ten years of mining the “black gold”.
Out of the $6.550 billion received from 2011 to 2020, the Ghana National Petroleum Corporation received $2,012.16 billion, representing about 30.72 per cent, Annual Budget Funding Amount (ABFA) had $2,557.12 billion (39.04 per cent), the Ghana Heritage Fund had $0.587 billion (8.97 per cent), while the Ghana Stabilisation Fund received $1,393.18 billion (21.27 per cent).
Professor Kwame Adom-Frimpong, the Chairman the Public Interest and Accountability Committee (PIAC), disclosed this at a forum in Takoradi for stakeholders in the Western and Central regions.
The forum formed part of the 10th year anniversary of PIAC, on the theme: “A Decade of the Management and Use of Petroleum Revenue in Ghana, Successes and Lessons for the future.”
The Oil revenue, however, dipped in 2020 due to the COVID-19 pandemic with that year’s projections showing reduction in royalties from $236,794,156.13 in 2019 to $195,359,565.96 in 2020 while Carried and Participation Interest (CAPI) also went down from $505,987,937.41 to $300,926,631.91 within the same period.