Ghana secured $8.7 billion in total revenue since it started exporting crude oil in April 2011 from its oil fields.

This was captured in Ghana’s Petroleum Oil Accounts at the Federal Reserve Bank of New York.

The revenue came from, oil liftings, corporate taxes and other incomes.

Details of the Accounts

The account details showed that oil liftings from April 2011 to December 2022 was $7 billion.

In all, $1.4 billion was advanced to the Ghana National Petroleum Corporation (GNPC) as equity financing cost.

Also, $1.1 billion went to the GNPC to deal with capital investments.

The Annual Budget Funding Amount (ABFA) has taken about $3.4 billion to finance some projects identified in the budget from April 2011 to December 2021.

The report further showed that $1.9 billion has been advanced to the Ghana Stabilization Fund Account at the Federal Reserve Bank in New York, USA. 

The Stabilization Fund is designed to help government overcome oil price shocks and revenue volatilities.

The Ghana Heritage Fund which is also lodged at the Federal Reserve Bank at the end of December 2022 stood at about $828 million.

Withdrawal from Ghana Stabilization Fund

In line with Section 23(4) of the PRMA, Act 815 and Act 893, as amended the cap remained unchanged at $100 million as set by the Minister of Finance (As part of the Minister’s mandate under the PRMA 2011, (Act 815) Section 23(3)) with a Parliamentary resolution.

The accumulated excess over the cap withdrawn in second half (H2) of 2022 was $363.77 million. The new accumulated excess over the cap at the end of H2 2022 stood at $43.66 million.

Total amount withdrawn from inception to end of December 2022 amounts to $1.834 billion.

Returns on oil revenue investments

The report showed the Stabilization Fund had an open book value of $190 million.

Receipts during the period ending December 2022 was $44 million.

The account showed that in terms of withdrawals, about $90 million has been taken out of the account.

This now leaves $143 million in the account in terms of closing book value. 

However, investment income on this fund stood at $607,000.

Heritage Fund returns  

The Heritage Fund had a closing book value of $918 million ending December 2023.

The account showed that it had a realised investment income for the period of about $5.5 million. 

The bank charges for the period stood at $13,000. On the other hand, receipts for the period stood at $18 million.