Ghana’s oil revenue surged to $840 million in the first half of 2024, marking a 36% increase from the $540 million recorded in the same period in 2023.
The 2023 Annual Report of the Public Interest and Accountability Committee (PIAC) Report on the use and management of oil revenues launched in Accra yesterday states that Ghana’s share of petroleum revenues for 2023 declined by a 25.65 per cent due to decrease in oil production for the fourth conservative year and lower global prices.
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Four companies are due to drill exploration wells in Ghana during the last quarter of this year, according to a government report. The Public Interest Accountability Committee (PIAC) also raised some concerns over tax payments by state-owned Ghana National Petroleum Corp. (GNPC)
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The Public Interest and Accountability Committee (PIAC) has cautioned the Ghana National Petroleum Corporation (GNPC) against continuously lending to the government.
PIAC has expressed worry over the manner in which oil revenue is used to pay judgement debt awarded against the state.
Petroleum revenue contribution to the national budget over the last 10 years has been estimated at US$2.6billion,