The government of Ghana is looking forward to bagging US$1,150.84 million from oil in 2020, Finance Minister Ken Ofori-Atta has told Parliament on Wednesday, 13 November 2019 while presenting the 2020 budget.

In line with the Petroleum Revenue Management Act (PRMA), he said US$332.16 million will be allocated to the Ghana National Petroleum Corporation (GNPC) for its Equity Financing Cost (US$218.10 million) and share of the net Carried and Participating Interest (US$114.02 million).

Also, 70 per cent of the Benchmark Revenue of US$818.68 million (i.e. US$573.08 million) will be allocated to the Annual Budget Funding Amount (ABFA).

The Minister also said 30 per wcent of the Benchmark revenue (i.e. US$245.60 million) would be allocated to the Ghana Petroleum Funds.

Additionally, US$171.92 million of the Ghana Petroleum Funds amount would be allocated to the Ghana Stabilisation Fund and US$73.68 million to the Ghana Heritage Fund.

Mr Ofori-Atta also said the government “will maintain the cap on the Ghana Stabilisation Fund at US$300 million, in line with Section 23(3) of the PRMA”.