Government generated $6.55billion in petroleum revenue – PIAC

The Public Interest Accountability Committee (PIAC) has indicated that the country generated an amount of $6.55 billion between 2011 and 2020. 

Former Chairman for PIAC, Mr. Noble Wadza made the revelation during a stakeholders forum on petroleum revenues in Ho to mark PIAC’s ten years anniversary 

Mr Wadza noted that in 2011 and 2012, government generated $444.13 million and $541.62 million respectively. The figure rose to $846.77 million in 2013, then to $978.01 million in 2014.

However, the revenue generated fell in 2015 and 2016 but rose in the next year.  

“In  2015, the revenue declined to, $396.17 million and $247.18 million in 2016. It then climbed to $555.33 million in 2017 and $977.12 million in 2018,” Mr Wadza said.

According to him, between 2010 to 2018, a total of 325,021,308 barrels of crude oil was produced.

On disbursement of the petroleum revenue, Mr. Wadza said revenues have been allocated to the Ghana National Petroleum Commission (GNPC), Annual Budgeting Funding Amount of the Ministry of Finance (ABFA), Ghana Stability Fund (GSF) and the Ghana Heritage Fund (GHF)

“In 2012, ABFA got $286.55m, $16.88m to GSF, $7.24m into GHF account and $230.95m to GNPC.. In the year 2013, ABFA received $273.20m, $222.32m for GNPC, $245.73m to GSF while $105.31m to GHF,” Mr Wadza said 

“Figures in 2014 revealed that $409.07m went into ABFA, $180.71m to GNPC, $271.76m for GSF and $116.47m into GHF. While in 2015, ABFA had $292.98m, $126.86m to GNPC, $15.17m to GSF and $6.50m into GHF.”

In 2016, he said GNPC received $207.96m, an amount of $98.38m went to ABFA, $29.51m to GSF and the remaining $13.65m to the Heritage Fund. 

“In 2017, the revenue shifted to $555.33m. GNPC had $182.04m, ABFA got $169.46m, GSF received $142.68m and $61.15m to GHF.

“GNPC on the distribution of the revenue in 2018, had $305.27m, ABFA had $235.10m, GSF also had $305.27m and GHF received  $131.02m,” he added.

Mr Noble Wadza noted that PIAC realised that several national issues were solved using revenues from petroleum.

He, therefore, urged that the revenues on petroleum must be used for ventures that can continually give the country income, citing terminal 3 at the Kotoka International Airport as an example.

“The petroleum revenues come from a depletable resource and we may not always have the funds. We must use what we have now wisely,” he said.

Present at the forum was Volta Regional Minister, Dr Archibald Yao Letsa, who in his welcome address urged citizens to take a key interest in the petroleum sector.

He also advised that citizens interact with PIAC towards extending the frontier of transparency and accountability.

“Let me congratulate PIAC on their 10th year anniversary and to wish the committee well in the execution of its mandate that makes sure that all citizens benefit from the exploitation of the resources, “Dr Letsa added.

The team including the Regional Minister also inspected some stalled projects funded by the oil monies in both Ho Central and West.