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Ghana earns over $3bn from petroleum revenue in 4 years

Figures coming from Ghana have shown that between 2011 and 2015, the country earned $3.208 billion from petroleum revenue as it produced the 161.7 million barrels of crude oil.

Though in 2015, highest number of barrels, 37.4 million was recorded, as there was fall in the international market price so Ghana got the lowest revenue of $396,171,909 last year.

Ghana earned $978.017 million in 2014, from the production of 37.201 million barrels of oil, whereas in 2013; it produced $846.7 million from the production of 35.5 million barrels.

In 2012, Oil revenue accruing to Ghana amounted to $541.6 million from the export of 26.3 million barrels, as against $444.1 million from the production of 24.1 million barrels in 2011. Oil prices decreased as much as 35 % on the international market in 2015.

The Finance and Administration Manager of the Public Interest and Accountability Committee, Mr. Isaac Dwamena, said oil production started in the latter part of 2010 and 1,181,088 barrels were produced.

The forum was to make the members known for the Accra Metropolitan Assembly (AMA) about how revenue from oil was spending.

He explained in his presentation that last year, revenue from oil produced five per cent of the total government revenue; six per cent and 2011, 7 %; in 2014 it formed 10 per cent; 2013, 8 %; 2012.

 

 

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