Business News of Tuesday, 31 January 2017

Source: citifmonline.com

Ghana rakes in US$114.4m from oil by June 2016

Figures published by the Bank of Ghana has shown that Ghana raked in a total of US114,400,610.40 in the first half of 2016 from the thirtieth, thirty first and thirty second crude oil liftings.

Per the amount, US$2,772,660.23 million and US$ 6,469,540.76 million were allocated into the Ghana Heritage Fund and the Ghana Stabilization Fund respectively on the 24th of March 2016 on the thirtieth lifting.

On March 31 2016, another allocation of US$3,021,490.64 million and US$7,050,144.84 million were made into the Heritage Fund and the Stabilization Fund respectively on the thirty-first lifting.

Kosmos made payment of corporate tax of 2,027,780 and 204,770 on 27 January 2016 and 29 April 2016 respectively while Tullow made corporate tax payment of 53,093.43 February 24, 2016.

Hess Ghana, Kosmos, Tullow and Midea Development made a subtotal surface rental payment of US$382,000.82 million.

On March 4, Ghana Gas received US$9,302,806.35 million as payment for gas to the company.

On investment proceeds from the Ghana Petroleum Fund, Ghana made a net income of US$3,069,904.37 million.