Ghana gets $540 million petroleum revenue in 6 months of 2023 - PIAC report

The Public Interest Accountability Committee’s (PIAC) 2023 semi-annual report has revealed that a total of $540 million was generated in revenue from petroleum products from January to June 2023.

PIAC noted that under the Annual Budget Funding Amount for 2023-2025, over $466 million out of $540 million of petroleum revenues were allocated to priority areas.

These were agriculture, roads, critical infrastructure development as well as physical infrastructure, and service delivery in education and health.

For agriculture over GH¢247 million was allocated representing 12.24 percent.

“Physical infrastructure and Service in education and Health, as well as industrialization, had GH¢35 million and GH¢2 million respectively representing 1.79 percent and 0.12 percent,” parts of the report said.

The Chairman of PIAC, Professor Kwame Adom Frimpong, has asked the Ministry of Finance to comply with the provisions of section 16(4) of the Petroleum Revenue Management Act to release funds to the national oil company not later than three working days after the receipts of petroleum revenues into the Petroleum Holding Fund.

"The ministry of finance should comply with the act from Parliament to release funds within the stipulated time to support national oil company," he said.

For other sectors, Roads, Rail, and other critical infrastructure had the highest, with over one billion cedis representing 85.74%.

"An amount of GH¢131,005,360.91 representing 6.47 percent of the Annual Budget Funding Amount (ABFA) was transferred to the District Assembly Common Fund in the first half of the year 2023," the report noted.



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