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PIAC report: $8.8bn oil money bagged as of 2011 and 2022

Oil Tanks
Oil Tanks

The year 2022 recorded the highest petroleum revenues with a figure of US$1.43 billion in the Petroleum Holding Fund (PHF).

The Ghana Revenue Authority's attempt to retrieve arrears is gathering along, the report further notes.

According to PIAC reports, there's been a rise in Surface Rental Arrears, regardless of this new headway.

It shot up from US$2.58 million in 2021 to US$2.77 million in 2022, with 65 percent (US$1.80 million) owed by four contractors whose Petroleum Agreements were terminated in 2021.

The least revenue for the years under review was recorded in 2016 when some US$247,000 was generated.

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