A report released by the Public Interest and Accountability Committee (PIAC) indicates that Ghana made about US$846,767,184 (GHc1, 645,585) from the petroleum revenue in 2013.<\/p>\n
This brings cumulative revenue received since 2011 to US$1.833 billion equivalent to GHc3.291 billion.<\/p>\n
According to PIAC, the total volume of crude oil lifted by the Ghana Group in 2013 was 6,793,449 barrels of oil representing 19.09% of total production for the period under review.<\/p>\n
[contextly_sidebar id=”QNHS9akDW6WIIqVMmnzNbZGyBtFQBdks”]A research by Revenue Watch Institute, in April 2014<\/a><\/strong><\/span> accused\u00a0some key government agencies for failing to implement the laws, rules and policies governing Ghana\u2019s natural resources funds.<\/p>\n The report implicated the Finance Ministry, the Bank of Ghana, the Auditor General, Ghana Revenue Authority among others, for failing to ensure the appropriate use of Ghana\u2019s revenues from natural resources including oil.<\/p>\n According to the PIAC about US$726.7 million (39.66%) was used to supplement Ghana\u2019s annual budget funding amount (ABFA), US$661.2 million (36.08%) was given to the Ghana National Petroleum Corporation (GNPC) and US$ 317.42 million (17.32%) to the Ghana Stabilization fund (GSF).<\/p>\n Additionally, about US$ 126.95 million (6.93%) was also channeled into the Ghana Heritage fund (GHF).<\/p>\n \u201cThe petroleum revenue has been growing year by year since first oil in 2010,\u201d PIAC observed.<\/p>\n PIAC however urged government to \u201cremain focused in ensuring prudent management\u201d of the oil revenue.<\/p>\n Chairman of PIAC, Major (retired) Daniel Sowah Ablorh-Quarcoo, has called on government to develop a national policy<\/a><\/strong><\/span> to guide the spending of the country\u2019s oil revenue to ensure development.<\/p>\n –<\/p>\n By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n