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Oil companies owes govt $ 2.1 million in Surface Rental payments
June 1, 2021
Surface Rental payments to the government by companies in the petroleum sector in 2020 remain in arrears to the tune of $2.1 million, the Public Interest and Accountability Committee (PIAC) 2020 Annual Report, has said.
The PIAC Report said the 2020 arrears represent a 34.71 per cent increase over the 2019 arrears of $1.57 million.
The report indicated that the non-payment of the surface rentals denied the Petroleum Holding Fund of the needed revenues for development projects.
Against this backdrop, the PIAC recommended that the Ghana Revenue Authority, should, as a matter of urgency, initiate action to recover surface rental arrears with the appropriate interest as recommended by the Petroleum Revenue Management Act.
Ghana-Press-Review June 01, 2021 to 10:43 105 APA – Accra (Ghana) The report that the Bank of Ghana has slashed its benchmark rate, the policy rate by 100 basis points, signalling a return to monetary easing after a year of tightening and the assurance by the European Union not to place a ban on the purchase of cocoa from Ghana because of child labour claims are some of the leading stories in the Ghanaian press on Tuesday.
The Graphic reports that the Bank of Ghana (BoG) has slashed its benchmark rate, the policy rate by 100 basis points (bps), signalling a return to monetary easing after a year of tightening.
PIAC said the government has earned US$6.2bn since production began in the first half of 2020. Nine percent of the total revenue has been saved for the next generation, in line with the Petroleum Revenue Management Act (PRMA). In the first half of 2020, the government received US$322 million from petroleum revenue. Out of the amount, US$80m was given to the Ghana National Petroleum Corporation (GNPC) and US$169m went to the Annual Budget Funding Amount (ABFA), PIAC said in its 2020 semi-annual report. According to the report, the total petroleum receipt of US$322 million was paid into the Petroleum Holding Fund (PHF) compared with US$363 million in the same period of 2019, representing an 11.32 percent decline.
Ghana’s oil revenue hits $6.5bn since commercial production LISTEN
FEB 4, 2021
Ghana s revenue so far raked in from her commercial production of oil which started since April 2011 has reached $6.5 billion, a Petroleum Holding Fund and Ghana s Petroleum Accounts at the New York Federal Reserve has revealed.
The figure was arrived at from Ghana s earnings from her share of crude exports and taxes, rental charges and other payments made by the oil exploration firms which were operating in her oil fields.
Fund Utilisation
The report showed that all the foreign oil firms, since April 2011, had paid about $1.2 billion to the state by way of taxes and rental charges. Two billion dollars have since been channeled to the Ghana National Petroleum Authority (GNPA) to finance its operations since April 2011.