{"id":248661,"date":"2024-11-11T05:50:48","date_gmt":"2024-11-11T05:50:48","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/11\/11\/ghana-spends-gh%c2%a219-90bn-in-oil-revenue-on-development-projects-from-2011-to-2024\/"},"modified":"2024-11-11T05:50:48","modified_gmt":"2024-11-11T05:50:48","slug":"ghana-spends-gh%c2%a219-90bn-in-oil-revenue-on-development-projects-from-2011-to-2024","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/11\/11\/ghana-spends-gh%c2%a219-90bn-in-oil-revenue-on-development-projects-from-2011-to-2024\/","title":{"rendered":"Ghana spends GH\u00a219.90bn in oil revenue on development projects from 2011 to 2024"},"content":{"rendered":"<br><div id=\"article-text\">\n                       \n                        \n<p class=\"wp-block-paragraph\"><br\/>Since starting commercial oil production in 2011, Ghana has utilised GH\u00a219.90 billion from its oil revenue, allocated across various priority areas to drive development. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Four major oil companies currently operate in the country, contributing to this revenue stream, which is monitored and reported by the Public Interest and Accountability Committee (PIAC) as part of the Annual Budget Funding Amount (ABFA) from petroleum revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Allocations from 2011 to 2016<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Between 2011 and 2016, funds were directed to critical areas including:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Agriculture Modernisation:<\/strong> GH\u00a2238.68 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Roads and Other Infrastructure:<\/strong> GH\u00a21.58 billion<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Ghana Infrastructure Investment Fund (GIIF):<\/strong> GH\u00a2257.08 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Loan Amortisation:<\/strong> GH\u00a2874.55 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Capacity Building Programs:<\/strong> GH\u00a2358.00 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>PIAC Operations:<\/strong> GH\u00a20.97 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This totalled GH\u00a23.31 billion in oil revenue spent during this period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Allocations from 2017 to 2019<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In the next phase, from 2017 to 2019, priority was given to:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Education Infrastructure and Service Delivery:<\/strong> GH\u00a21.9 billion<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Roads, Rail, and Critical Infrastructure:<\/strong> GH\u00a2876.25 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Health Sector Infrastructure and Services:<\/strong> GH\u00a277.70 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Agriculture:<\/strong> GH\u00a2246.83 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>GIIF:<\/strong> GH\u00a229.22 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>PIAC Operations:<\/strong> GH\u00a27.78 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The total allocation for this period was GH\u00a22.43 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Read also: Ghana has made over $10bn from 633,300 barrels of crude oil since 2010 \u2013 PIAC<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Allocations from 2020 to 2022<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Between 2020 and 2022, oil revenue spending rose to GH\u00a29.04 billion, with allocations as follows:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Industrialisation:<\/strong> GH\u00a257.35 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>District Assemblies Common Fund (DACF):<\/strong> Not specified<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>PIAC Operations:<\/strong> GH\u00a210.41 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Agriculture:<\/strong> GH\u00a2184.21 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>GIIF:<\/strong> GH\u00a2933.98 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Roads, Rail, and Critical Infrastructure:<\/strong> GH\u00a25.37 billion<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Education and Health Infrastructure and Services:<\/strong> GH\u00a22.35 billion<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Allocations for 2023 to 2025<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the ongoing 2023\u20132025 period, GH\u00a25.12 billion has been disbursed in 2023, with the following allocations:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Agriculture (including Fisheries):<\/strong> GH\u00a2431.59 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Industrialization:<\/strong> GH\u00a25.82 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Education and Health Infrastructure and Services:<\/strong> GH\u00a2894.26 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>Roads, Rail, and Critical Infrastructure:<\/strong> GH\u00a23.78 billion<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 <strong>PIAC Operations:<\/strong> GH\u00a24.46 million<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This brings the total oil revenue spent by Ghana to GH\u00a219.90 billion over these years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Challenges in Petroleum Fund Utilisation<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PIAC\u2019s Coordinator, Isaac Dwamena, highlighted challenges such as expenditure extending beyond designated priority areas, mixing ABFA projects with other funds, and discrepancies between priority areas and Ghana\u2019s long-term development goals. He expressed concerns over insufficient fund allocations for achieving balanced, nationwide development.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Petroleum Revenue Management Act mandates that ABFA spending should maximise economic development, ensuring balanced growth across all regions. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">PIAC recommends that \u201ceffective governance is critical to ensure that these objectives are met.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n               \n <!-- Post Tags -->\n                <p>&#13;\n                    <span style=\"font-weight: 900\"> Tags: \u00a0<\/span>                 <\/p>\n\n                        \n\n    \n                                 \n                                             \n                    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Since starting commercial oil production in 2011, Ghana has utilised GH\u00a219.90 billion from its oil revenue, allocated across various priority areas to drive development. Four major oil companies currently operate in the country, contributing to this revenue stream, which is monitored and reported by the Public Interest and Accountability Committee (PIAC) as part of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":248662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-248661","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana spends GH\u00a219.90bn in oil revenue on development projects from 2011 to 2024 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/11\/11\/ghana-spends-gh\u00a219-90bn-in-oil-revenue-on-development-projects-from-2011-to-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana spends GH\u00a219.90bn in oil revenue on development projects from 2011 to 2024 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Since starting commercial oil production in 2011, Ghana has utilised GH\u00a219.90 billion from its oil revenue, allocated across various priority areas to drive development. 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