This is according to the 2021 Auditor-General’s Report which indicated a decline in investments from about $17.5 million in 2020 to $14.19 million in 2021.
“The total returns of $14.19 million on the Funds invested represent a 19.15% reduction from that of 2020 ($17.55 million) even though the Funds invested continue to increase over the years. There is a risk that a continuous decline in the returns on the investment will affect the future value of the Funds,” the report noted.
As part of its recommendations on the decline, the A-G’s report called for a review of the investment mix for the Ghana Stabilisation Fund and the Ghana Heritage Fund to enhance potential return on investments.
Despite the decline in returns of the Ghana Petroleum Fund, the report however noted an improvement in operational efficiency.
It also stated that a total amount of $2.57 million remained outstanding from surface rentals as of December 31 2021.
“We noted that a total amount of $2.57 million (2020: $2.11 million) was still outstanding from surface rentals as of 31 December 2021”.
Meanwhile, some eight defaulting companies including Swiss African Oil Company, Britannia –U and GOSCO Limited are indebted to the Government of Ghana.
It explained that the failure of the companies to honour their debt obligations has since impacted funds made available to the GPF.
To further address this, the Auditor-General called for stringent moves to recover the outstanding debt from the eight defaulting companies.
File photo of rigmen on an oil rig