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Ghana has collected over $6.5 billion from Oil Exploration in a decade -Prof. Adom-Frimpong

Prof. Kwame Adom-Frimpong, Chairperson of the Public Interest and Accountability Committee (PIAC) has said that from the time interval between 2011 through to 2020, a total of $6.550 billion has been accrued from the oil exploration.

He broke the money down in three different parts where these monies were being allocated to. Thus, the Ghana National Petroleum Corporation, Annual Budget Funding Amount, the Ghana Heritage Fund, and the Ghana Stabilization Fund received 2.012 billion, 2.557, 0.587 and 1.393 billion respectively.

Prof. Adom-Frimpong made these statements at a function that was organized to mark the 10th anniversary of the PIAC in the oil city, Takoradi on the thematic idea, "A Decade of Management and use of Petroleum Revenue in Ghana, Successes and Lessons for the future".

Prof. Adom was quick to add that the amount of monies gained from the 'Black Gold' started dimming when the COVID-19 was raging through nations and halted almost all activities in 2020.

In his analysis, the revenue could have gone up if not for the lost of lives that came from the COVID-19 that kept on spreading like wild fire and as a result, there were restrictions laid in place by leaders across the globe.

Some of the feets and properties gotten from the Kotoka International Airport, Atuabo Gas Processing Plant, Kojokrom-Takoradi Railway Project, Enchi-Asankragwa road, and many other roads, facilities, amongst others dotted around the country.

He mentioned that the sector made sure that they did not use the revenues accrued in one area but rather distributed it from the health, road sector, security, agriculture, and many other areas. 

Content created and supplied by: AduanaBa (via Opera News )

Ghana Ghana National Petroleum Corporation Ghana Stabilization Fund Kwame Adom-Frimpong Oil Exploration

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