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

The Public Interest and Accountability Committee (PIAC) has released data showing Ghana’s total petroleum revenue as of the years 2011 and 2022 accumulating to US$8.8 billion.

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.

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

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