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How Ghana’s Oil Revenue Was Spent On Pro-poor Sectors and Road Infrastructure

The scope of government revenues since the production of oil and gas in commercial quantities in 2010 has changed with over $2 billion in receipts. Petroleum revenues have hence; become a complementary funding source for Ghana’s Annual budgets. This development has been timely in the face of declining Donor support, due to the country’s status as a Middle Income economy. However, oil find for any economy, can only contribute to its developmental agenda to the degree of commensurate prudent expenditure.

Petroleum revenues, when allocated to productive areas and spent efficiently, have the potential to accelerate a country’s economic growth and development.  With this in mind, Ghana’s Parliament passed the Petroleum Revenue Management Act (PRMA) in 2011 to govern the management of petroleum revenues.

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This article was originally published on the website of the IMANI Centre for Policy and Education on 11th September 2015.

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