Ghana’s petroleum revenue drops in 2019 – PIAC

Ghana’s annual petroleum revenue dropped in 2019, though production of crude oil in the country’s three major fields witnessed sharp increment.

The 386,460,893 barrels of crude oil produced from the three oil fields – Jubilee, TEN and SGN in 2019 fetched the nation $925 million as against $977 million of 62,135,435 barrels produced in 2018.

According to the Public Interest and Accountability Committee (PIAC), the decline in the nation’s revenue was as a result of a sharp drop in international oil prices experienced last year.

That notwithstanding, Nana Agyenim Boateng, a member of the 13-member committee speaking at the Bono Regional Town hall meeting held at Abesim near Sunyani on Tuesday said the nation’s oil sector was doing good.

PIAC organised the meeting to update stakeholders on the highlights of the 2019 annual report on the management and use of oil revenue in the country.

Mr. Boateng said so far petroleum revenue had fetched the country $5.91 billion since actual crude oil production started in 2011, and expressed worry about the country’s over reliance on the revenue as a key funding source for the government flagship Free Senior High School programme.

“Petroleum revenues have been used to tackle too many national problems at the same time, weakening the potential impacts of oil revenues on the socio-economic development of Ghana”, he added.

In a speech read on her behalf, Mrs. Evelyn Ama Kumi-Richardson, the Bono Regional Minister said the region had benefited immensely from the petroleum revenue that was channeled into the construction of roads, health and educational infrastructure.

Source: GNA