Ghana will retain 38% of oil revenue
Ghana - Economic - 03-09-2010

Ghana will retain 38% of the countryquotes oil revenue, an advisor to the Ministry of Finance and Economic Planning, Dr. Joe Amoako Tuffuor has said according to a Daily Graphic report of 6 March 2010. He said Ghana will earn from direct and indirect sources such as royalties, corporate income tax, dividends, additional income tax, and surface rental and carried interest. He was however reported to have said that what is yet to be determined is how the revenue should be paid either in cash or in kind. He said revenue inflow has been categorized into two big spending era and low spending adding that the big spending era spanned 2011 to 2018, while the low spending era was expected from 2018 and beyond. Since the discovery of oil in commercial quantity was announced in Ghana in 2007, most people have focused on how much money Ghana will make. One estimate even says every Ghanaian will get 17 pesewas when the amount is shared among all Ghanaians. Ghanaquotes total revenue from the oil and gas find will represent less than 5% of the countryquotes Gross Domestic Product, according to the Energy Minister, Dr Joe Oteng Adjei, the Daily Graphic reported in its 21 February 2010 issue.

With the countryquotes current GDP at well over USD 18bn, Dr Oteng Adjei said the total revenue to the government and the Ghana National Petroleum Corporation in respect of royalties, income tax and interest payment on oil and gas exploration would be USD 1bn per annum, at an average crude oil price of USD 60 per barrel. Speaking at a workshop on ‘Good Governance and the Emerging Oil and Gas Industryquote for selected journalists reporting from Parliament, the minister captured the scenario thus, “If we are to share the revenue to the 23m Ghanaians, each of us will receive about GHC 0.12 per day” and wondered whether that could be the panacea for the economic problems of the country. Others have also said the benefits to the country; will be more in the area of employment to local people, even though, not many Ghanaians have expertise in the oil industry.


Source: Ghana Business News