By Julius K. Satsi, GNA
Accra, Nov. 13, GNA - Mr Ken Ofori-Atta, the Minister of Finance on Wednesday projected the country will accrue a total of $ US1,150.84 million from the petroleum revenue for 2020.
Mr Ofori-Atta, delivering 2020 Budget Statement and Economic Policy for Ghana at Parliament, said $332.16 million would be allocated to the Ghana National Petroleum Corporation (GNPC).
He said the allocation to the GNPC would be used for its Equity Financing Cost ($218.10 million) and share of the net Carried and Participating Interest ($114.02 million).
He said out of the expected revenue, 70 per cent of the benchmark revenue of $818.68 million thus $573.08 million would be allocated to the Annual Budget Funding Amount (ABFA) and allocate 30 per cent of the Benchmark revenue, thus $245.60 million dollars to the Ghana Petroleum Funds.
The Minister said $171.92 million of the Ghana Petroleum Funds amount would be allocated to the Ghana Stabilisation Fund and $73.68 million to the Ghana Heritage Fund.
He said the Government would maintain the cap on the Ghana Stabilisation Fund at $300 million, in line with Section 23 (3) of the Petroleum Revenue Management Act.
Mr Ofori-Atta said the government, would in 2020 throw spotlight on the petroleum sector to address irregularities and indiscipline that had characterised the industry and cost government huge sums of amount over the years.
He said government would be providing additional powers to the relevant institutions and enhance punitive sanctions to check the abuses in the industry, adding that it would revoke the licenses of recalcitrant players in the industry and prosecute directors and key personnel of such entities;
He said Government would automate all processes in the sector to reduce human interventions and provide transparency, adding that Government would institute stricter monitoring controls.
The Finance Minister said over the years, the Country had experienced under-reporting, diversion and dilution of fuel products and general non-compliance in the petroleum downstream sector, hence the introduction of the compliance measures for the petroleum downstream sector.
GNA
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