Business News of 2014-08-22

Ghana’s oil revenue generates 1.8 billion dollars

Ghana has generated 1.8 billion dollars from its oil revenue since 2011, Dr Mohammed Amin Adam, Executive Director of the Africa Center for Energy Policy (ACEP), said on Friday.

According to Dr Adam, the revenue was derived from royalties, corporate income tax and surface rentals.

Speaking at a two-day workshop on Petroleum Revenue Management, Dr Adam said huge sums of the oil revenue were channelled into various road constructions in the country in 2012, but majority of those roads were yet to be completed.

Dr Adam appealed to Ghanaians to develop interest in monitoring the inflows and outflows of the oil revenue and urged civil society organizations and the media to play their watchdog roles and guard against misappropriation of the funds.

The workshop was organized by Civil Society Platform on Oil and Gas (CSPOG) at New Abirem in the Eastern Region on Friday.

The CSPOG is a civil society organization that works to advance transparency and accountability in the oil and gas as well as coordinate citizens’ voice and action in the sector.