Ghana bags $696.8m from oil receipts in second-half of 2022

Ghana bagged $696.815 million from oil lifting, corporate tax and other income in the second-half of 2022, the Ghana Petroleum Funds report has disclosed.

About $492.186 million was secured from oil lifting between July 2022 and December 2022.

In all, five liftings took place with the Sixty-sixth Jubilee recording the highest amount of $119.83 million.

Also, $202.55 million was received by the State as corporate tax between July 2022 and December 2022.

The corporate tax were paid by Tullow Oil, Kosmos and PetroSA.

Interest income accrued from the Petroleum Holding Fund was, however, estimated at $2.07 million.

According to the data, $191.48 million was allocated as investments.

So far, $1.06 billion has been accrued as petroleum investments as of December 31, 2022. They comprise of the Ghana Stabilisation Fund and the Ghana Heritage Fund.

For the GSF, the estimated amount is $143.6 million. $363.76 million has so far been withdrawn since Ghana began producing oil in 2011.

The Ghana Heritage Fund is however made up of $918.2 million as of December 2022.

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