\n
Domestic crude oil production increased by 10.7 percent in the first-half of 2024, reaching 24.86 million barrels (bbls).<\/p>\n
If sustained, the trend will reverse a four-year decline in production volumes, according to the Public Interest and Accountability Committee (PIAC).<\/p>\n
This development marks a sharp turnaround from the 13.2 percent drop recorded during the same period of 2023. The rise is largely driven by the newly operational Jubilee South East (JSE) project.<\/p>\n
The production boost has also led to a significant increase in petroleum revenues \u2013 totalling US$ 840.8 million in H1 2024, up 55.6 percent from US$540.5million in H1 2023.<\/p>\n
The latest gains, according to the newly-elected chairman of PIAC, Constantine Kudzedzi, signify the importance of new infrastructure projects in reviving the country\u2019s oil sector.<\/p>\n
After several years of declining output, the JSE project\u2019s impact may reshape national revenue streams and contribute to economic planning, PIAC concurs.<\/p>\n
Domestic crude oil production had been in steady decline, falling from a peak of 71.44 million barrels in 2019 to just 48.25 million barrels in 2023.<\/p>\n
The prolonged downturn led to concerns within the industry, prompting PIAC and stakeholders to convene a Technical Consultative Workshop aimed at identifying solutions to reverse the trend.<\/p>\n
However, PIAC raised concerns over the Ghana Stabilisation Fund (GSF) cap, which remains at US$100million \u2013 below the US$530.1million recommended under the Petroleum Revenue Management Regulations of 2019.<\/p>\n
Consequently, PIAC urges parliament to address this discrepancy \u2013 recommending the cap be revised to align with statutory requirements.<\/p>\n
Also. PIAC wants parliament to review or reject any cap on the GSF that conflicts with statutory provisions, directing the Minister of Finance to align with the Petroleum Revenue Management Regulations.<\/p>\n
Coupled with the above, PIAC also observed that the Ghana National Petroleum Corporation (GNPC) has yet to establish a reserve fund as mandated under Section 18 of PNDCL 64. Without such a reserve, it says, GNPC\u2019s capacity to cover long-term expenditures will be at risk; particularly as petroleum revenue allocations for GNPC\u2019s expenditures may cease by 2026.<\/p>\n
In addition, PIAC recommends that the Ghana Revenue Authority (GRA) act swiftly to recover outstanding surface rental payments and ensure timely payments as stipulated by regulation.<\/p>\n
The importance of the Annual Budget Funding Amount\u2019s (ABFA) consistent disbursement to support the Industrialisation Priority Area cannot be underestimated \u2013 and therefore it has to be sustained.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Domestic crude oil production increased by 10.7 percent in the first-half of 2024, reaching 24.86 million barrels (bbls). If sustained, the trend will reverse a four-year decline in production volumes, according to the Public Interest and Accountability Committee (PIAC). This development marks a sharp turnaround from the 13.2 percent drop recorded during the same period […]<\/p>\n","protected":false},"author":1,"featured_media":248432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-248431","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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