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Ghana saves 140 million dollars from oil revenue for half year
 
Posted on: 21-Aug-2012         Source: myjoyonline.com
 
 
 
The country’s savings from oil revenues have reached 140 million dollars for the first half of this year. According to the semi-annual report released by the Bank of Ghana, about 42.1 million dollars has accumulated in the heritage fund which is meant for future generations.

The stabilization fund which is meant to cushion the country in times of price volatility has realized nearly 99 million dollars.

The report also indicated that the heritage fund recorded a return on investment of 0.29 percent, Whiles the stabilization fund returned 0.18 percent. Contributions to both funds are made from crude oil sales from the jubilee fields as well as surface rental and royalties earned.

Between January and June this year, 3 billion barrels of crude valued at 326 million dollars were lifted from the jubilee field by the Ghana National Petroleum Corporation.

Both the Heritage and Stability funds are currently held in an account at the Europe’s largest provider of Securities settlement services Euroclear Bank.