Ghana Records US$434.5 Million In Petroleum Revenues
Ghana has earned US$434.5 million in petroleum revenues in the first half of 2019, according to the Bank of Ghana.
The revenues were generated from the sale of oil from three fields in addition to various fees and taxes.
Of the US$434.5million, US$311.2 million came from oil produced as the Tweneboa, Enyenra, Ntomme, Jubilee and Sankofa fields. Meanwhile, corporate taxes generated US$121.3 million and surface rentals brought in US$595,000.
The central bank confirmed that US$99.7 million of the total revenue generated has been allocated to the Ghana Stabilization Fund and the Ghana Heritage Fund.
The Government of Ghana under President Akufo-Addo has committed to spending the country’s oil revenues on free senior high school education.
In 2018 the Government received over US$977 million from the sector.