In 2023, despite economic challenges, Ghana’s Petroleum Holding Fund (PHF) received a total inflow of US$1.06 billion, a slight decrease from US$1.43 billion in 2022, as reported by the Bank of Ghana.<\/p>\n\n\n\n
The first half of 2023 witnessed crude oil prices declining from US$84.97 per barrel to US$75.68 per barrel due to factors such as OPEC supply restrictions and concerns about global recession amidst China’s slowing reopening pace.<\/p>\n\n\n\n
The PHF serves as Ghana’s designated public fund at the Bank of Ghana for receiving and disbursing petroleum revenue. During the year, the PHF received substantial inflows, including US$521.87 million in the second half of 2023, slightly lower than the US$540.15 million in the first six months.<\/p>\n\n\n\n
In comparison, the same period in 2022 saw higher receipts at US$696.82 million. Key revenue streams for the PHF remained consistent, including lifting proceeds, surface rentals, interest income, and corporate taxes.<\/p>\n\n\n\n
Crude oil liftings in the second half of 2023 generated US$319.74 million, with the Jubilee field contributing the most significant share.<\/p>\n\n\n\n
The Ghana Heritage Fund (GHF) and Ghana Stabilization Fund (GSF) achieved positive returns in the first half of 2023. By the year-end, the GSF balance was US$190.4 million, while the GHF reached US$1.05 billion.<\/p>\n\n\n\n
During the first six months of 2023, the PHF allotted US$466.87 million as petroleum revenue to beneficiaries, including the Ghana National Petroleum Corporation (GNPC) and the Annual Budget Funding Amount (ABFA). Other proceeds amounted to US$202.126 million.<\/p>\n\n\n\n
A notable development was the withdrawal of US$106.5 million from the Ghana Stabilization Fund in the second half, indicating strategic reserve utilization for fiscal needs, surpassing the first-half withdrawal of US$83 million.<\/p>\n\n\n\n
Despite market uncertainty, the GPFs’ investment strategy yielded US$18.1 million in investment income in 2023, aligning with mandated guidelines for fund growth<\/p>\n\n\n\n
Source: Ghanaweb<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" In 2023, despite economic challenges, Ghana’s Petroleum Holding Fund (PHF) received a total inflow of US$1.06 billion, a slight decrease from US$1.43 billion in 2022, as reported by the Bank of Ghana. The first half of 2023 witnessed crude oil prices declining from US$84.97 per barrel to US$75.68 per barrel due to factors such as […]<\/p>\n","protected":false},"author":2,"featured_media":2667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[9],"tags":[803],"class_list":["post-2666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-2023-ghana-bags-us1-06-billion-from-crude-oil"],"_links":{"self":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2666","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2666"}],"version-history":[{"count":1,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2666\/revisions"}],"predecessor-version":[{"id":2668,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/2666\/revisions\/2668"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=\/wp\/v2\/media\/2667"}],"wp:attachment":[{"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fishfmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}