[ 2017-01-17 ]

2016 First half petroleum revenue drops by 50%
Ghana’s revenue from the petroleum sector for
the first half of last year dropped by over 50%.

The figure declined from US$274.47 million in 2015
to US$126.41 million for the same period last
year.

This translates to a 55% reduction in revenues
when compared to total petroleum receipts during
the same period in 2015 (US$274.47 million) but 4%
better than revenues received during the second
half of 2015.

This was revealed in the 2016 Public Interest
Accountability Committee (PIAC) report.

The report also revealed that the total half year
receipts from the petroleum sector represented
only 50.35% of the projected half year revenue of
US$251.05 million.

The Chairman for PIAC, Joseph Winful explained to
Citi Business News the drop in prices is as a
result of a fall in prices of petroleum products.


“So we know for a fact that in 2015 and 2014 oil
prices were high and then that has been the cause
of this depreciation in our revenues from
petroleum.

So it’s been dictated by the fall in prices of
petroleum and petroleum products and that is the
main reason for this slump in revenues,” he
said.

“The only thing is with the limited resource or
the reduced resource it means we have to be very
prudent and ensure that we get the best out of the
reduced revenue.” he added.

As part of recommendations, the PIAC reports
further proposed that the Ghana National Petroleum
Commission (GNPC) desist from financing
infrastructure projects with funds allocated to it
from petroleum revenues.

It proposes that any outstanding payment(s) to be
made in respect of the Western Corridor Road
project must be paid from the allocations to the
Roads and other Infrastructure priority areas.

Source - citibsinessnews.com

... go Back