Gov’t cuts GNPC transfers

Finance Minister, Seth Terkper says transfers to Ghana National Petroleum Company (GNPC) has been reduced to Ghc468.9million following decline in oil revenue expectations.

The assessment by government is based on a price of US$52.8per barrel, which is consistent with the IMF forecast.

Based on the new revenue assumptions, total petroleum receipts for 2015 is estimated at GHS1.5billion (1.1% of GDP).

The total expenditure and arrears clearance for 2015 are expected to decline by Ghc1.5billion from 41.2 million representing 30.5% of GDP, reducing to Ghc39.7billion (29.8% of GDP).

According to Mr. Terkper, “this move will safeguard the achievement of the country’s bright medium-term prospects for the benefit of all Ghanaians”.