Ghana’s oil industry has yielded total receipts of $540 million from production in the country’s three oil fields, according to data released by the Bank of Ghana (BoG).
The figures reveal that $370.5 million was earned from production in the Sankofa, Jubilee, and TEN oil fields, while the remaining $169.5 million stemmed from corporate taxes, surface charges, and interest income on investments linked to the Ghana Petroleum Funds.
The significance of corporate taxes in contributing to the receipts is evident, accounting for a substantial $166 million. Additionally, surface rental charges and interest income from the Ghana Petroleum Funds contributed $3.4 million to the total receipts.
At the close of the first half of 2023, the BoG reported a total allocation of $102 million to the Ghana Petroleum Funds.
Of this allocation, $30.7 million was assigned to the Ghana Heritage Fund, while the Ghana Stabilization Fund received the remaining $71.6 million. The Ghana Petroleum Funds now boast a cumulative value of $1.09 billion at the close of the first half of 2023.
Despite the positive figures, apprehensions are emerging over the government’s ability to meet its oil revenue target of $1.4bn for 2023.
Mr Ben Boakye, the Executive Director of the Africa Centre for Energy Policy (ACEP), has expressed concerns that the government might fall short of its projected target of $1.4 billion for the year.
The current oil price per barrel is hovering at $74, significantly below the government’s initial projection of $88. Consequently, oil revenue for the first half of 2023 reached a modest $540 million.
As the government navigates through the challenges presented by oil price fluctuations, market participants and analysts are closely monitoring the situation. The ability to meet revenue targets and effectively manage oil receipts remains critical in ensuring fiscal stability and sustainable economic growth for Ghana.