Investor Presentaiton
Oil Funds Savings Buffer in Low Price Regime
Ghana's prudent oil revenue management framework ensures savings provide a buffer in challenging times. For the first
time since the oil funds were set-up, US$53.7mn was withdrawn from the GSF in Q2-2015 to meet the budget shortfall
Analysis of Petroleum Receipts (2012 - 2015)
Distribution of Petroleum Receipts (2015)
Item (US$ Mn)
2012
2013
2014
2015
Item
Jubilee Royalties
150.6
175.0
192.7
104.2
Carried and Participating
Net Receipts for GOG
390.4
453.6
499.3
270.1
Interest
o/w ABFA
Surface Rentals
0.6
0.7
1.8
0.5
Royalties from SOPCL
0.3
0.2
0.2
0.0
Corporate Income Tax
217.0
284.5
20.4
PHF income
0.1
0.0
Price Differentials
0.3
0.4
Gas
0.6
o/w GIIF
o/w Ghana Petroleum Funds
o/w Heritage Fund
o/w Stabilization Fund
Total
542.0
846.4
978.9
396.1
US$ mn
261.0
239.3
41.9
21.7
6.5
15.2
Petroleum funds managed to ensure a buffer to low prices and create savings for future generations
Utilization of Stabilization Funds to Support Budget and Ensure
Timely Debt Service in Low Oil Price Environment
Ghana Heritage Fund - Savings for Future Generations
Item (US$mn)
2012
2013
2014
Opening Balance
54.8
71.9
319.0
2015
286.6
Item (US$mn)
2012
2013
2014
2015
Receipts during the year
16.9
245.7
271.8
15.2
Opening Balance
14.4
21.7
128.1
248,9
Income from Investments
0.2
1.4
1.5
0.5
Contingency Fund
(17.4)
(23.8)
Receipts
7.2
105.3
116.5
6.5
Debt Service Account for
(288.3)
Debt Repayment
Income from Investments
1.1
4.3
3.9
Annual Budget Funding
Amount (ABFA)
(53.7)
Sinking Fund
(47.5)
Closing Book Value
21.7
128.2
248.9
259.3
Closing Book Value
71.9
319.0
286.6
177.4
Source: Annual Report on the Petroleum Funds 2015
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