Oil cash: ABFA fails to meet US$236.52m target for H1 2019

During the first half of 2019, the Annual Budget Funding Amount (ABFA) received an amount of US$165.66 million from the oil proceeds from the Tweneboa, Enyenra and Ntomme (TEN), Jubilee and Sankofa Gye Nyame fields, the Bank of Ghana (BoG) has announced.

This means the Government of Ghana had only US$165million oil cash to support its budget for the fiscal year.

According to the BoG, the ABFA target of US$236.52 million was not met for the first half of 2019.

The ABFA is the account set up by government that receives allocation from oil and gas revenue in support of Government budgets.

The Petroleum Holding Fund & Ghana Petroleum Funds Semi-annual report: Jan 2 – Jun 28, 2019, published by the central bank on its website 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 20

“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.”