Ghana rakes in $434.5 million from oil sales in the first half of 2019

The government of Ghana has raked in some $434.5 million from oil sales from its three oil fields as well as in other fees and taxes.

Ghana rakes in $434.5 million from oil sales in the first half of 2019
  • Government of Ghana has raked in $434.5 million from oil sales.
  • The Bank of Ghana made the revelation in its report for the first half of 2019.
  • Other fees and taxes contributed to the amount received.
  • The $434.5 million was collected from three oil fields in the country.

This follows a publication from the Bank of Ghana (BoG) on the first-half performance of the Ghana Petroleum Funds.

According to the central bank, the oil sale from Tweneboa, Enyenra, Ntomme, Jubilee, and Sankofa fields fetched the state $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 a little above $595,000.

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

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

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