Ghana: Petroleum Revenue Bill Passed

Stratfor

2 March 2011

 

Ghana’s parliament has passed the Petroleum Revenue Management Bill in a unanimous vote, allowing the government to use 70 percent of oil revenues to support its budget or as collateral for loans, Reuters reported March 2. The other 30 percent of revenues are to be saved in what are called “heritage and stabilization” funds. The parliament rejected a proposal to allocate 10 percent of revenues to the western region, from where the oil is pumped.