Ghana bags $696.8m from oil receipts in second-half of 2022

According to the Ghana Petroleum Funds report, Ghana earned $696.815 million in the second half of 2022 from oil lifting, corporate tax, and other sources.

Between July 2022 and December 2022, oil lifting generated about $492.186 million in revenue.

There were a total of five liftings, with the Sixty-sixth Jubilee recording the greatest sum at $119.83 million.

Additionally, the State received $202.55 million in business tax between July 2022 and December 2022.

Tullow Oil, Kosmos, and PetroSA each paid their respective corporate taxes.

Interest income accrued from the Petroleum Holding Fund was, however, estimated at $2.07 million.

According to the data, $191.48 million was allocated as investments.

So far, $1.06 billion has been accrued as petroleum investments as of December 31, 2022. They comprise of the Ghana Stabilisation Fund and the Ghana Heritage Fund.

For the GSF, the estimated amount is $143.6 million. $363.76 million has so far been withdrawn since Ghana began producing oil in 2011.

The Ghana Heritage Fund is however made up of $918.2 million as of December 2022.