Ghana has earned $6.55 billion in total petroleum receipts between 2011 and 2020, equivalent to 9.97 per cent of 2020 GDP the Public Interest and Accountability Committee (PIAC) has said.

Out of this amount, the Annual Budget Funding Amount (ABFA) has been allocated the highest amount of $2.6 billion (40%) over the period.

This is followed by the Ghana National Petroleum Cooperation (GNPC) which has received $2.0 billion (30%), the Ghana Stabilization Fund (GSF) an amount of $1.39 billion (21%) of total revenues, whereas the Ghana Heritage Fund (GHF) has received $586 million (9%) of the total allocation.

These were contained in PIAC’s report on the assessment of 10 years of petroleum revenue management in Ghana.

The report said the ABFA has been a critical financing source for the national budget. Nevertheless, while total benchmark revenue allocations to ABFA amounted to GHS9.41 billion (US$2.61 billion), allocations amounted to GHS8.51 billion (US$2.28 billion), leaving the balance being swept into the Consolidated Fund under the government’s Treasury Single Account (TSA) policy.

In essence, ABFA investments have yielded some successes, but its overall impacts have been minimal, delayed, or negligible.