H12019: Ghana Stabilization Fund received US$ 69.85m of oil cash – BoG

The Bank of Ghana (BoG) has announced that for the first half of 2019, the Ghana Stabilization Fund received a total amount of US$69.85 million from oil proceeds from the Tweneboa, Enyenra and Ntomme (TEN), Jubilee and Sankofa Gye Nyame fields.

The Stabilisation Fund was established under the Petroleum Revenue Management (PRMA) Act (Act 815).

It is meant to provide budgetary support in times of shortfalls in expected petroleum revenues, but the Act was later amended to allow excess monies in the fund, ie beyond US$150 million, to be moved into a sinking fund for debts repayment purposes.

The BoG which made the announcement in the Petroleum Holding Fund & Ghana Petroleum Funds Semi-annual report: Jan 2 – Jun 28, 2019 said : “The total amount received and distributed from the PHF during the period was US$ 363.74 million.

“This comprised of lifting proceeds from the Jubilee 47th and 48th liftings totalling US$123.85 million, proceeds of the 10th and 11th liftings from TEN totalling US$117.37 million and other income amounting to US$122.52 million.

“A total amount of US$0.74 million although received in H1 2019 will be distributed in H2 2019.

“GNPC received an amount of US$98.29 million for CAPI and EFC in H1 2019 compared to US$162.45 million in H2 2018.”

It added : “Total amount received by ABFA for H1 was US$165.66 million. ABFA target of US$236.52 million was not met for the first half of 2019.

“The Ghana Stabilisation Fund and the Ghana Heritage Fund received US$69.85 million and US$29.94 million respectively in H1 2019 compared to US$154.88 million and US$66.38 million respectively received in H2 2018.”