Finance Minister Ken Ofori-Atta has said pursuant to the Petroleum Revenue Management Act 2011, Act 815, and a total of US$283,972,853.23, which was the excess over the capped amount of US$300 million, was for 2018 and transferred to the Sinking Fund for debt repayment.
The Stabilisation Fund was established under the Petroleum Revenue Management (PRMA) Act (Act 815).
It is meant to provide budgetary support in times of shortfalls in expected petroleum revenues, but the Act was later amended to allow excess monies in the fund, ie beyond US$150 million, to be moved into a sinking fund for debts repayment purposes.
Ghana Stabilisation Fund (Ghana Stabilization Fund) is a Sovereign Wealth Fund located in Accra Ghana, Africa. Current Assets for Ghana Stabilization Fund is $455,534,395.14 and SWFI has 27 periods of historical assets available for CSV Export.
The Bank of Ghana (BoG) announced that for the first half of 2019, the Ghana Stabilization Fund received a total amount of US$69.85 million from oil proceeds from the Tweneboa, Enyenra and Ntomme (TEN), Jubilee and Sankofa Gye Nyame fields.
Source: Mybrytfmonline/Kofi Atakora
