Ghana’s crude oil revenue surged significantly in the first half of the year, with a 55.6% increase compared to the same period last year, according to the Public Interest and Accountability Committee (PIAC).
According to PIAC’s semi-annual report, this growth was primarily driven by higher production volumes, notably from the recently launched Jubilee South East well.
Oil production saw a 10% year-on-year rise, bringing revenues to $840.7 million, up from $540 million in the same period the previous year.
However, the report also highlights a key challenge: outstanding surface rental arrears totaling $1,212,335.53, excluding arrears from terminated petroleum agreements.
PIAC has urged the Ghana Revenue Authority (GRA) to intensify efforts to recover these arrears.
Additionally, the Committee recommended that all assessed surface rentals be paid into the Petroleum Holding Fund (PHF) by February 28 each year, as required by law.
PIAC emphasized the importance of ensuring that the revenue gains from increased oil production contribute to sustainable national development, calling for enhanced accountability and timely revenue collection.
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