Ghana’s petroleum revenue hits all-time-low in 2016

Petroleum PumpThe country recorded the highest oil revenue in 2014, with $978,02 million

Ghana received a little over $247.18 million in 2016 from oil revenue – the lowest amount since Ghana began commercial production of oil in 2011.

In 2011, when commercial production commenced, the country received $444.12 million in 2012 and $ 541.62 million and $846.77 million in 2013 and 2014 respectively.

The country recorded the highest oil revenue in 2014, with $978,02 million, but recorded a sharp decline in 2015, in the sum of $ 396.17 million.

The amount dipped further in 2016 recording $ 247.18 million.

This was captured in the 2016 Public Interest and Accountability Committee (PIAC) report.

PIAC in the report attributed the low revenue in 2016 to the decline in petroleum production which it said was caused by a 34-day shutdown of the Jubilee Field for maintenance from March 31 to May 3, 2016.

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