Ghana’s crude oil revenue saw a substantial increase in the first half of this year, growing by 55.6% compared to the same period last year, according to the Public Interest and Accountability Committee (PIAC).
In its semi-annual report, PIAC attributed this impressive growth to higher production volumes, largely driven by the newly launched Jubilee South East well. Oil production experienced a 10% increase year-on-year, boosting revenues to $840.7 million, up from $540 million during the same timeframe last year.
Despite these gains, the report highlights a significant issue: outstanding surface rental arrears amounting to $1,212,335.53. This figure excludes arrears from terminated petroleum agreements. PIAC has urged the Ghana Revenue Authority (GRA) to step up efforts to recover these unpaid amounts.
The Committee also recommended that all assessed surface rentals be deposited into the Petroleum Holding Fund (PHF) by February 28 each year, as stipulated by law. Emphasizing the need for sustainable national development, PIAC called for greater accountability and prompt revenue collection to ensure that increased oil production benefits the country.
SOURCE: http://dew360.net
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