PIAC wants government to invest oil revenues in other sectors

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• Bernard 9 years ago

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• Eagle's Eyes 9 years ago

  Ghana receives only 5% of royalties from oil revenue? Why? Is that the world benchmark percentage? Have our politicians mortgagaed our oil? We need a government that can muster political will power to renegotiate these outrag ...
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  Ghana receives only 5% of royalties from oil revenue? Why? Is that the world benchmark percentage? Have our politicians mortgagaed our oil? We need a government that can muster political will power to renegotiate these outrageous agreements before the oil gets exhausted. Yet, we are not even investing the proceeds to overcpme the consequenves of an oil drought when the oil finally gets exhausted? Have we heard of the miracle in Dubai and some of the Arab countries that have turned their oil discovery into a miracle, knowing fully well that oil is a robber economy that one day will cease? Get naive. greedy politicians out of power quickly. Osagyefo must ve turning in his grave. Damn foreign oil companies that have become neo-colonialists, sucking our resources.

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• ghanaman 9 years ago

  "... the country receives only five percent of the royalty interest from the oil revenues and out of that, 70 per cent goes to the Annual Budget Fund Amount (ABFA), while 30 percent goes to Ghana Petroleum Fund (GPF), and tha ...
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  "... the country receives only five percent of the royalty interest from the oil revenues and out of that, 70 per cent goes to the Annual Budget Fund Amount (ABFA), while 30 percent goes to Ghana Petroleum Fund (GPF), and that 30 per cent is then divided into two parts and 70 percent is given to the Ghana Stabilization Fund (GSF) while 30 percent is sent to the Ghana Heritage Fund."
  
  So five percent (5%) of royalty interest from oil revenues goes to government. Out of the five percent, 70 per cent goes to the Annual Budget Fund Amount (ABFA). Since 70% of 5% is 3.5%, it is that fraction (3.5%) of the oil revenue that goes into ABFA. Next, 30% of the 5% royalties, namely 1.5% of the oil revenues goes into the Ghana Petroleum Fund (GPF). The 1.5% (GPF) is then subdivided into Ghana Stabilization Fund (GSF, 70% of 1.5%, or 1.05% of total oil revenues) and Ghana Heritage Fund (30% of 1.5%, or 0.45% of total oil revenues).
  
  So the famous Ghana Heritage Fund is nothing but 0.45% of total oil revenues, i.e. less than half a percentage point!

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