Finance Ministry fails to pay stabilisation and heritage funds for 2015

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August 18, 2015 9:48 AM

Ghana’s revenue reduced by 306, 192 ,506.81 million dollar in the first half of 2015, according to a comparative analysis of the allocations for2015 half year versus 2014 Half year.

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The Ghana stabilization and heritage funds have received no cash inflows for the first half of 2015 as compared to the 215 million, 7 thousand dollars paid into the two funds during the second half of 2014.

This is according to the Bank of Ghana semi-annual report on the Petroleum Holding Fund & Ghana Petroleum Funds for the period January 1 to June 30, 2015.

Total allocation for 2015 half year was 213,597,442.57 million dollars compared to the 519,789,949.38 million dollars for the second half of 2014.

Ghana was not able to achieve its target allocation as the Annual Budget Funding Amount- ABFA by 213.65 million dollars.

147.26 million dollars was allocated to the Annual Budget Funding Amount- ABFA for the first half of 2015 as compared to the targeted amount of 360.91 million dollars.

The Ghana National Petroleum Authority (GNPC) received an amount of 66.33 million dollars in the first half of 2015 compared to 100.19 million dollars they received in the second half of 2014.

According to the semi-annual report, 213 million 60thousand dollars was distributed from the Petroleum holding Fund in first half of 2015 including 868 thousand dollars being other income received in December 2014.

This left an undistributed amount of 61 million 73thousand dollars in the Petroleum Holding Fund account.

274 million 47 thousand dollars was received into the Petroleum Holding Fund during the first half of 2015.

This comprised 274 million 9 thousand US dollars being proceeds of the five liftings undertaken by the Ghana Group during the period under review.

While 38 thousand dollars was for royalties and surface rentals and interest earned on undistributed lifting proceeds.

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