Ghana raked in more than 120.76 million US dollars from a total of two oil liftings and other petroleum receipts during the second half of 2016, a Bank of Ghana document has disclosed.
Out of this 22.84 million dollars were paid into the Ghana Stabilization Fund and the Heritage Funds, said the report for second half-year ended December 30, 2016, issued by Caroline Otoo, Secretary to the bank late Thursday.
The Bank of Ghana is mandated by law to receive all the revenue coming from the petroleum sector and disburse them according to the provisions of the Petroleum Revenue Management Act (PRMA).
The total of two liftings occurred in August and October 2016 which were however valued in September and November, respectively. While he August lifting was sold at 46.48 million dollars, the September lifting brought in 46.9 million, making the total sales worth 93.38 million dollars.
Other proceeds included proceeds from Corporate Tax for the period under review (27.31 million dollars); Surface Rental,(29.93 million dollars); and Interest Payment of Petroleum Holding Funds (36.76 million dollars).
Petroleum revenue during the first half of 2016 suffered a decline of 53.94 percent to 126.41 million from 274.47 million dollar in 2015. Enditem
Source: Xinhua/NewsGhana.com.gh
