Ghana earns $6.55 billion as revenue from oil extraction – PIAC
Ghana has gained an amount of $6.55 billion as petroleum revenue derived from the country’s oil extraction for ten years of operation, that’s, from 2011 – 2020.
This was disclosed by the Public Interest and Accountability Committee on Wednesday, July 21, 2021, at Prempeh Assembly hall during the committee forum on the10 years of the management and use of petroleum revenues.
The Chairman of the committee, Prof Kwame Adom Frimpong, When giving the breakdown of the revenue utilisation indicated that 70 percent goes to GNPC and Ministry of finance to support the annual budget fund, 21 percent also goes to stabilization fund and nine percent to Heritage fund every year.
He indicated that the country had appreciated in regard to the revenue generation from 2011- 2019 but in 2020 the revenue obtained decreased by 44.8 percent as a result of coronavirus pandemic.
Construction of KIA terminal 3, Kojokrom – Tarkwa railway, Enchi -Asankraqua road, Free SHS programme, and among others are all benefits of the petroleum revenue.
Prof Kwame Adom Frimpong stated that the committee has observed that, the petroleum revenue have been used to tackle many national problems at the same time, weakening the potential impacts of the oil revenues on the social – economic development of Ghana, hence, he called on the government to use the revenue on projects that will be enduring.
He expressed worry on how the oil revenue is used on roads construction but do not last long.
Mr. Adom Frimpong mentioned that, free SHS is good social intervention policy but its reliance should not only focus on petroleum revenue but government should consider other support too because of future contingencies that might affect the oil extraction.
Source: kessbenonline.com
