Parliament on Tuesday, adopted a report for the review of the Petroleum Revenue Management Act, Act 815 to allow government to invest Ghana’s petroleum revenues in areas that deliver maximum earnings.
Odeefuo Amoakwa Buadu VIII said Ghana’s total crude production since the beginning of commercial oil production has now reached 675.1 million barrels. However, he expressed concern that the country’s output has been falling steadily since its highest level of 71.4 million barrels recorded in 2019.
In financial terms, Ghana received 840.7 million dollars in the first half of the year as against 540 million dollars in the same period last year.
There has been a 55.6 percent increase in revenue received for the period as a result of higher production, which recorded over 10 percent increase.
Ghana recorded a total petroleum revenue of US$1.43 billion in 2022, representing an 82.4 per cent increase of US$783.3 million achieved in 2021.