News:
March 12, 2015
Government has set the country’s oil revenue at 1.5 billion dollars after an earlier figure of 4.2 billion dollars stated in the 2015 budget.
According to government, the review has become necessary due to the dip in the prices of crude oil on the world market.
The new figure shows a 64% drop from the initial projections.
It had originally targeted 4.2 billion dollars in anticipation that crude oil would be selling at 90 dollars per barrel. But this was not to be as the price of a barrel of crude has dipped as low as 49 dollars after government’s calculations.
Minister of Finance Seth Tekper who made the new figures known in Parliament on Thursday March,12, 2015 emphasized the need for government to evaluate the impact of such product price unpredictability immediately as they come up so as not jeopardize the achievement of the country’s economic objectives.
Government had programmed to allocate GHC2.5 billion as annual budget funding amount to finance specific projects in the budget.
Meanwhile GHC1.1 billion was to be transferred into Ghana’s Petroleum Funds and 697.7 million to the Ghana National Petroleum Corporation (GNPC).
The GNPC will now receive $ 400million dollars based on the review.
Ghanamps.gov.gh