[ 2016-10-26 ]

Ghana's third quarter earnings from crude exports decrease to $19.5 m
Government’s earnings from crude exports
witnessed a significant reduction for the third
quarter of this year.

Latest figures covering petroleum receipts,
released and signed by the Finance Minister, Seth
Terkper, show that the state got $19.5 million
from July to September this year.

This represents a significant reduction in the $24
million dollars it got from April to May this year
and $64.3 million in the first quarter of 2016.

The decline can be attributed to a drop in
Ghana’s share of crude exported from the
country’s oil fields from July to September.

In the first quarter of this year, Ghana’s share
of crude exported was 1.8 million barrels while
the second quarter saw an export of some 995,000
barrels.

For the third quarter, 983 million barrels was
exported.

This should mean that from January to July this
year, Ghana’s share of crude oil exported from
the various oil fields has reached about 3.8
million barrels.

However, when it comes to total earnings for the
first nine months of this year minus the necessary
taxes and royalties, government has secured $108
million dollars.

Government cut expected earnings from crude
exports to GH¢1.4 billion down from the 2016
budget of a little over GH¢2 billion.

The about GH¢600 million cut will affect
disbursement to other critical sectors under the
Petroleum Revenue Management Act.

The Ghana National Oil Company will receive
Gh¢524 million while Gh¢263 million will be
transferred to the Ghana Petroleum Funds.

Also, government's annual budget funding amount
will receive GH¢613 million for specific programs
and policies in the budget.

Source - Joyfm

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