Ghana holds workshop on 2017 annual report on petroleum funds

Ghana PetrGhana focuses on developing the petrochemical industry for the regional growth. (Image source: Benito La Malfa/Flickr)The government of Ghana is planning to implement a more transparent and judicious use of petroleum revenues, with an aim to create opportunities for all Ghanaians and improve their well-being

Ken Ofori-Atta, minister of finance in Ghana, made the pledge while addressing the opening of a workshop in Accra to disseminate information about the 2017 Annual Report on the petroleum funds, from January 2017 to September 2017.

This will be followed by a reconciliation report to be published by the end of Q1 2018, to give a full year account on the collection, management and use of petroleum revenues in 2017.

The report, the seventh in a series, has highlighted events in the upstream petroleum sector including activities of the Ministry of Energy, Petroleum Commission, Ghana National Gas Company, Ghana National Petroleum Corporation and its subsidiaries and accounts for the petroleum revenues received during the period and the returns on the Ghana Petroleum Funds.

The Petroleum Funds Annual Report 2017 also provides information on the status of implementation of ABFA-funded projects in 2017 as required by section 48 of Act 815 as Amended.

The Section 48 of the Petroleum Revenue Management Act, 2011 (Act 815), as amended by Act 893, requires the minister for finance to submit an annual report on the petroleum funds as a companion presentation to the Annual Budget Statement and Economic Policy to Parliament.

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