Petroleum Holding Fund for 2020 Q1 drops by $124m compared to 2019 Q1

Petroleum Holding Fund for 2020 Q1 drops by $124m compared to 2019 Q1

- An amount of $310.14 million has been realised from the Petroleum Holding Fund in the first half of 2020

- The amount represents a $124.34 million drop from the amount realised in the same period in 2019

- The Bank of Ghana has been tasked with managing the fund in order to enhance transparency

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Ghana’s Petroleum Holding Fund (PHF) has earned $310.14 million in the first half of the year 2020, the Bank of Ghana (BoG) has reported.

This represents a drop of $124.34 million when compared to the $434.48 million earned in the same period in 2019.

According to the Petroleum Revenue Management Act, which established the PHF, the BoG is required to provide information on the performance and activities related to the Fund.

Petroleum Holding Fund for 2020 Q1 drops by $124m as against 2019 Q1
Minister of Energy, John Peter Amewu Source:
Source: UGC

READ ALSO: COVID-19 will lead to economic challenges in 2020 and beyond - Finance Minister

A report by shows this measure was implemented to help promote transparency in the oil and gas sector.

An amount of $169.50 million was allocated to the Annual Budget Funding Amount (ABFA) while the Ghana Heritage Fund received an allocation of US$50.85 million dollars and US$21.79 million dollars respectively between January and June this year.

The BoG is of the view that despite its optimism about a possible rebound of Ghana’s economy, there is a likelihood of a negative growth rate at a global level due to the outbreak of the coronavirus.

In other news, there has been an increase in the use of Mobile Money (MoMo) transactions since January 2020, has learned.

According to the Ghana Interbank Payment and Settlement Systems (GhIPSS) Half Year Performance report, the first half of the year 2020 recorded 240,192 transactions with respect to the movement of funds from bank accounts to MoMo wallets.

This increased to 2.1 million in the first half of 2020, which was a 780% growth.

READ ALSO: African Development Bank gives Ghana $69 million to combat COVID-19

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