The government of Ghana in 2021, received a sum of $3.95 billion from crude oil export, compared to $2.91 billion in 2020 due to higher prices, despite a decline in volume exported. The State accrued total revenue of $66.39 million in 2020 from royalties, Carried and Participating Interest (CAPI), Corporate Income Taxes (CIT) and surface rentals. The figure constituted seven per cent of total government revenue, according to obtained and examined data.
Besides, a total of 88,515 million Standard Cubic Feet (MMSCF) of associated gas and non-associated gas from Jubilee, Tweneboa Enyenra Ntomme (TEN) and Sankofa Gye Nyame (SGN) fields were supplied to various thermal plants in Ghana for domestic power generation.
A total revenue of $666,390,751 was accrued to the State in the year 2020 from royalties, Carried and Participating Interest (CAPI), Corporate Income Taxes (CIT) and Surface Rentals. The government also received $225,301 as income earned on the Petroleum Holding Fund (PHF). The petroleum sector total receipt of $666.39 million in 2020 contributed seven per cent (7%) of total government (domestic) revenue for that year.
A total of 3,711 employees were engaged in the upstream petroleum sector, 3,211 being Ghanaians and 500 expatriates as part of efforts by government to reduce the unemployment rate in the country. Government also received $225,301 as income earned on the Petroleum Holding Fund. The petroleum sector’s total receipt of $666.39 million in 2020 contributed seven per cent of total government (domestic) revenue for that year.
The mining sector in 2020 also contributed approximately 41 per cent of total exports earnings, 14 per cent of total revenues and 5.5 per cent of Ghana’s Gross Domestic Product (GDP), gold contributes over 90 per cent of Ghana’s total mineral export and makes up 49 per cent of the country’s total export values as of December 2020.
According to data from the Bank of Ghana, spot gold price averaged $1,799.79 per fine ounce in 2021, a marginal increase of 1.6 per cent compared to $1,770.79 per fine ounce recorded in 2021.
By Kwabena Adu Koranteng