Ghana expects to earn GH¢1.2b from oil in 2011
The government of Ghana is expecting to earn revenue of GH¢1,250.8 million from oil in 2011, the Minister of Finance and Economic Planning has said.
In Parliament to seek approval for a supplementary expenditure for 2011 Thursday July 14, 2011, Dr. Kwabena Duffuor said the estimate was based on the new oil price assumption of $100 per barrel as well as the revised estimated average oil production of 84,737 barrels per day and the new exchange rate assumption, total revenue from oil including the National Oil Company’s carried and participation interest.
He however indicated that, of this amount the Benchmark Revenue is estimated at GH¢923.4 million.
The remaining, he said is the amount due the Ghana National Petroleum Corporation (GNPC) as its equity and cash ceded to it.
He gave the following breakdown of the revenue as follows:
– Company taxes – GH¢603,764,335;
– Royalties – GH¢201,250,375
– Carried and Participation Interest – GH¢445,769,014.
Ghana became an oil producer on December 15, 2010 when commercial oil production in the Jubilee oil fields began.
By Emmanuel K. Dogbevi
Well I really do hope this is true and not just statistics and better still that it will be put to good use or at least according as they have already planned to spend the oil money, some savings, some in the national budget etc.
They out of 1.2Billion oil revenue, they already want to spend on supplementry budget 1.3Billion on Roads, Agriculture, hoping the money will not be wasted by building Third class roads, ordinary Agriculture. Our leaders do more talking than real work.
If Australia, Britain, Norway has the land Ghana pocesses, trust it will use it very well and no importation of food which can be grown locally.
Thirty percent of the oil revenue should be used to correct distortions in workers wages untill all anomalies are corrected. Paying workers realistically coupled with strict supervision will ensure high productivity. Slave wages breeds corruption as a means to survive. Thus a realistic wage is an effective means of fighting corruption in the public sector.