Ghana secured $866 million as returns on oil revenue invested since commercial production, according to the latest report on petroleum funds released by the Bank of Ghana. The Heritage Fund which was established so that the country can save some money aside for future generations also contributed $485 million.
The report showed that as at the end of December last year Ghana’s share of Oil revenue which has been invested in government-backed securities outside the country stood at $866 million.
The stabilization Levy contributed $381 million dollars to the total investment return. The stabilization Levy was set up so that part of oil revenue secured is put into this fund so that government can fall on it to cushion consumers if petroleum prices go up significantly. However, the data showed some $206 million had been withdrawn from the fund. But checks with the Annual Petroleum Fund gave some explanation.