By:Kenneth Appiah Bani.
The Bank of Ghana has released its report on the performance of Ghana’s Petroleum Funds for the second half of 2024. The report reveals a significant increase in oil revenue, with a total of $543 million received from crude oil lifting during the period.
This amount, combined with other income sources such as corporate taxes paid by oil and gas companies, surface rentals, and income from the Petroleum Holding Fund (PHF), generated an excess of $144 million. A substantial amount of $454 million was allocated to the Ghana Petroleum Funds, with $317 million directed towards the Ghana Heritage Fund and $136 million allocated to the Ghana Stabilization Fund.
This significant allocation has contributed to a remarkable growth in the total book value of the funds, which reached $1.4 billion as of December 31st, 2024. The report details the allocations from oil revenue to the Ghana Heritage Fund and the Ghana Stabilization Fund, as mandated by the Petroleum Revenue Management Act (PRMA).
The Ghana Heritage Fund is a long-term savings fund that aims to provide a sustainable source of income for future generations. The Ghana Stabilization Fund, on the other hand, is designed to provide a buffer against oil price volatility and ensure that the country’s budget is stable.
The 2024 distribution to the funds was scheduled to be made on January 26th, 2025. This report provides valuable insights into Ghana’s petroleum funds and their management. It also highlights the government’s commitment to transparency and accountability in the management of the country’s oil resources.
The growth in Ghana’s petroleum funds is a positive development for the country’s economy. It provides a significant source of revenue that can be used to fund development projects and improve the lives of Ghanaians. The government’s prudent management of the funds is also commendable, as it ensures that the country’s oil resources are used for the benefit of current and future generations.
Overall, the report on Ghana’s petroleum funds for 2024 is a positive one. It highlights the growth in the funds and the government’s commitment to transparency and accountability. As the country continues to develop its oil resources, it is essential that the government remains committed to prudent management and transparency to ensure that the benefits of the oil resources are shared equitably among all Ghanaians.
