PIAC report on Ghana’s oil revenue shows Ghana earned an unimpressive $6.5b, Kofi Tonto throws more light (Video)
According to the Public Interest and Accountability Committee (PIAC) Ghana earned $6.55 billion out of the $31.22 billion generated from its three oil-producing fields.
The report showed the remaining 79.02 per cent of the $31.22 billion earned in the 10-year period had gone into the hands of foreign entities.
The amount represents an equivalent of 9.97 per cent of 2020 Gross Domestic Product [the total monetary value of all the finished goods and services produced in the country], and 20.98 per cent of the total $31.22 billion petroleum revenue in 10 years.
Kofi Tonto, a Government spokesperson and former senior advisor to the Ghana Ambassador of the US embassy speaking on Kessben FM’ Maakye gave out the breakdown of the $6.55billion Ghana earned.
Out of the $6.55billion, Tonto explained that $3.8 billion was earned through carried and participating interest for Ghana, $1.6billion from royalties and $1.08billion from cooperate tax.
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