Public Interest & Accountability
Committee

Returns on GPFs

Returns on the Ghana Petroleum Funds, 2012-2015

 

GHANA STABILISATION FUND

 

2012

2013

2014

2015

 

US$

US$

 

US$

 

US$

Opening Book Value

54,810,032.00

71,898,588.00

319,034,153.00

286,644,044.00

Receipts during the year

16,883,548.00

245,733,702.00

 

271,762,755.15

 

15,171,061.96

Income from Investments

214,049.00

 

1,413,341.00

 

1,549,380.24

 

538,214.78

 

Bank Charges

(9,041.00)

 

(11,477.00)

 

(17,555.77)

 

(6,396.65)

 

Sub Total

71,898,588.00

 

319,034,153.00

 

592,328,732.62

 

302,346,924.09

 

Less Transfers to:

 

 

 

 

Contingency Fund

0.00

 

0.00

 

(17,433,143.89)

 

(23,755,072.85)

 

Debt Service Account for Debt Repayment

0.00

 

0.00

 

(288,251,544.51)

 

0.00

 

Annual Budget Funding Amount(ABFA)

0.00

 

0.00

 

0.00

 

(53,685,578.98)

Sinking Fund

0.00

0.00

 

0.00

 

(47,510,145.69)

Closing Book

71,898,588.00

319,034,153.00

286,644,044.22

177,396,126.57

Investment Income

214,049.00

1,413,341.00

1,549,380.24

538,214.78

less:

 

 

 

 

Bank Charges

 

-

 

(11,477.00)

 

(17,555.77)

 

(6,396.65)

Net return for the Period

214,049.00

1,401,864.00

1,531,824.47

531,818.13

GHANA HERITAGE FUND

 

2012

 

2013

 

2014

 

2015

 

US$

US$

 

US$

 

US$

Opening book Value

14,401,216.00

21,694,221.00

128,125,942.39

248,915,220.00

Receipts during the year

7,235,806.00

105,314,444.00

116,469,752.21

6,501,883.70

Income from Investments

60,209.00

1,126,764.00

4,331,660.17

3,981,866.59

Bank Charges

 

(3,010.00)

 

(9,486.00)

 

(12,135.11)

(15,497.45)

Closing book Value

21,694,221.00

128,125,943.00

248,915,219.66

259,383,472.84

Investment Income

60,209.00

1,126,764.00

4,331,660.17

3,981,866.59

Less:

 

 

 

 

 

Bank Charges

 

0.00

 

(9,486.00)

 

(12,135.11)

 

(15,497.45)

Net return for the Period

 

60,209.00

 

1,117,278.00

 

4,319,525.06

 

3,966,369.14

COMBINED FUNDS

 

 

2012

2013

2014

2015

Opening book Value

69,211,248.00

93,592,809.00

447,160,095.39

535,559,264.00

Receipts during the year

 

24,119,354.00

 

351,048,145.00

 

388,232,507.36

 

21,672,945.66

Income from Investments

 

274,258.00

 

2,540,105.00

 

5,881,040.41

 

4,520,081.37

Bank Charges

 

(12,051.00)

 

(20,963.00)

 

(29,690.88)

 

(21,894.10)

Sub Total

 

93,592,809.00

 

447,160,096.00

 

841,243,952.28

 

561,730,396.93

Less Transfer to:

 

 

 

 

 

Contingency Fund

 

0.00

 

0.00             

 

(17,433,143.89)

 

(23,755,072.85)

Debt Service Account for Debt Repayment

 

0.00

 

0.00

 

(288,251,544.51)

 

0.00

 

Annual Budget Funding Amount(ABFA)

0.00

 

0.00

 

0.00

 

(53,685,578.98

 

Sinking Fund

0.00

 

0.00

 

0.00

 

(47,510,145.69)

 

Closing Book Value

93,592,809.00

 

447,160,096.00

 

535,559,263.88

 

436,779,599.41

Investment Income

274,258.00

 

2,540,105.00

 

5,881,040.41

 

4,520,081.37

less

 

 

 

 

 

Bank Charges

 

(12,051.00)

 

(20,963.00)

 

(29,690.88)

 

(21,894.10)

 

Net return for the Period

 

262,207.00

 

2,519,142.00

 

5,851,349.53

 

4,498,187.27

               

Source: Bank of Ghana

The main sources of petroleum receipts to the state are Royalties, Surface Rentals, Carried and Participating Interest (CAPI) and Corporate Income Taxes (CIT). Since 2015, revenue from the sale of Gas from the Atuabo Gas Processing Plant has become a component of petroleum revenues. Between 2011 and 2015, the largest contribution to petroleum revenue for the state has been from Carried and Participating Interest (CAPI), followed by Royalties and then CIT, Surface Rentals and Gas sales in that order. Revenues from the sale of Gas is however expected to grow substantially with the coming on stream of Tweneboa-Enyenra-Ntomme (TEN) and Sankofa-Gye Nyame (SGN) Fields. All upstream petroleum revenues to the state are deposited into the Petroleum Holding Fund account at the Bank of Ghana.