Ghana lifted a total of 3.930 million barrels of oil, representing 16.1 percent of total oil production in 2011.
That is according to the Public Interest and Accountability Committee's (PIAC) Annual report on the Management of Petroleum Revenue launched today. The nation therefore accrued GH¢666.187 million from total oil receipts.
Out of this 315.390 million cedis, representing 47 percent was transferred to the Ghana National Petroleum Corporation while 250.432 million cedis went into budget spending.
Major Daniel Ablorh-Quarcoo, Chairman of the 13-member statutory committee inaugurated in September last year explained that the issue of non-payment of corporate taxes by oil firms must be addressed.
Among many other recommendations, the committee recommended a statement of revenue overspill of 74.463 million cedis from last year which was not captured in the current annual report.
It also urged the Minister of Finance and Economic Planning, Dr Kwabena Duffuor to sign the Operational Management Agreement with the Bank of Ghana for the Ghana Petroleum Funds as soon as possible.
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