Studies shows that Ghana Got $6.55 Billion From Oil In A 10 Year Period.
According to an Assessment of the Management and Use of Ghana’s Petroleum Revenues, Ghana got $6.55 billion in total petroleum receipts between 2011 and 2020.
Over the course of the time, the Annual Budget Funding Amount (ABFA) has been granted the maximum amount of $2.6 billion (40%) of the total.
Out of the total, the Ghana National Petroleum Cooperation (GNPC) has received $2 billion (30%), the Ghana Stabilisation Fund (GSF) has received $1.39 billion (21%), and the Ghana Heritage Fund (GHF) has received $586 million (9%).
Everything was revealed in a report released last Monday in Accra by the Public Interest and Accountability Committee (PIAC) on oil income received by Ghana during the time under review. A parliamentary committee has assessed the impact of petroleum earnings on the socio-economic and real-economy sectors.
Not forgetting to mention the ABFA, it stated that ABFA has been a crucial source of funding for the national budget.
It also clarified that, while the ABFA’s investments had yielded some successes, their overall impact was minimal, delayed, or negligible.
“However, although total benchmark revenue allocations to ABFA were GH¢9.41 billion ($2.61 billion), allocations were GH¢8.51 billion ($2.28 billion), with the remainder swept into the Consolidated Fund under the government’s Treasury Single Account (TSA) policy,” it added.
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Ghana’s Oil Mystery
Prof. Kwame Adom-Frimpong, the Chairman of PIAC, said that since Ghana discovered oil in 2007, many stakeholders have wanted to escape the oil resource curse and use it to develop the economy.
“As a result, the release of the evaluation report fulfills our third responsibility, which is to provide independent assessment,” he explained. “Strong institutions, well-established financial systems, and long-term development strategies emerged as ways to avoid the resource curse.”
“Measures were put in place by successive governments and other stakeholders drawing on lessons from nations such as Norway and the United Kingdom that had utilized oil to better the lives of their citizens,” he added.