Proceeds from Oil can never be funding source for free SHS – Malik Basintale

What the people of Senya Beraku (Central region) and others must know about Akufo-Addos false funding source for Free SHS!

The proceeds from the oil production can never be a funding source for free SHS.

The President is expected to know better than Ghanaians.

The Petroleum Revenue Management Act (815) sets the modalities for the dispensation of our oil revenue.

This states basically that 70% must  go into our Annual Budget Funding Amount and the remaining 30% into our Ghana petroleum funding (Comprising of a Stabilization fund and an untouchable heritage fund).

The actual allocation to the ABFA is still finding it very difficult to match up the budgetary demands of the various sectors sucking from the ABFA such as GNPC, GIIF and others as the successful running of these departments demands alot.

The fact is that the scale of oil production have been decreasing over the past years and an example is: comparing 2015 to 2016, oil Revenue reduced from $396,172,909 to $247,175,394 creating a variance of about $148,997,515.

The ABFA Allocation was $98.38million which fell short of a budgeted allocation of about $149.76million and so created a wide deficit to that sector already.

Secondly, the constant GPFs transfer was $42.16million where the conditional touchable GSF received about $29.51million and Untouchable GHF received $12.65million.

The question now is, From which angle would that Oil money come from to make the Funding of Free SHS functional?


_Key notes:_

GNPC: Ghana National Petroleum corporation.
GPFs: Ghana Petroleum Funds
GHF: Ghana Heritage Fund.
ABFA: Annual Budget Funding Amount.
GSF: Ghana Stabilizaton Fund


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