Annual receipts in 2016 totaled US$247.18million, lower than the budgeted US348.42 million, as a result of the decline in production, which is blamed on the challenges encountered with the turret bearing at FPSO Kwame Nkrumah, as well as low oil prices.
The figure represents a 38percent year-on-year decline compared to the US$ 396.17 received in 2015, PIAC said, adding that except for Corporate Income Tax (CIT), none of the other sources of petroleum revenues achieved set targets.
Ninety-two percent of total CIT or US$27.31million was in respect of tax liabilities that Tullow ought to have paid over the period 2011 to 2014, PIAC said.
A total of US229.03 million, representing approximately 93percent of tatal petroleum recepts, was allocated during the reporting period.
An amount of US$98.38million, representing 70percent of the net amount of US140.54million transferred to the Government of Ghana for further distribution was transferred to the Annual Budget Funding Amount in 2016.
The remaining US$42.16 million was transferred to the Ghana Petroleum Funds, with the Ghana Stabilisation Fund receiving US29.51million or 70percent and the Ghana Heritage Fund receiving US$12.65million.
According to the PIAC report, the two petroleum funds made a net investment income of US$5.77million during the period, compared to US$4.5million in 2015. Of the amount, the Ghana Heritage Fund brought in US$4.93million (85.44percent) up from US$3.97million in 2015, whilst the Ghana Stabilisation Fund brought in US$0.84million, up from US$0.53million 2015.
â€œThe balance on the GHF at the end of 2016 stood at US$276.96million compared to US$259.38million in 2015, while that on the GSF stood at US$207.75million as against US$177.40million in 2015, bringing total combined balance in the GPFs as at the end of the reporting period to US$484.71million.â€