Sovereign wealth funds in developing countries: a case study of the Ghana Petroleum Funds

Oshionebo, Evaristus

doi:10.1080/02646811.2017.1329120

Cited by 6 publications

(19 citation statements)

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“…are deposited in the Petroleum Holding Fund (PHF). The PHF is an intermediary fund designed to collect and disburse petroleum revenues (Oshionebo 2018).…”

Section: Petroleum Revenues Frameworkmentioning

confidence: 99%

The Boom, the Bust, and the Dynamics of Oil Resource Management in Ghana

Aryeetey¹,

Ackah²

2020

Mining for Change

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Oil resources are neither a curse nor a blessing. In order to translate Ghana’s oil resources into inclusive development amid high expectations, several laws and regulations have been passed and new institutions created. Despite the presence of the new institutions, laws, and regulations, spending from petroleum revenues appears to be rather thinly spread and inefficient, defeating the purpose of diversification and leading to high debt and cost over-runs. On a positive note, the government and Bank of Ghana have been complying with most of the transparency requirements. It is essential that spending from petroleum revenues is guided by a medium- to long-term inclusive development strategy based on proper needs assessment, global trends, feasibility studies, and possible growth dynamics. Expenditure needs to be rationalized and investment guidelines developed and implemented.

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“…are deposited in the Petroleum Holding Fund (PHF). The PHF is an intermediary fund designed to collect and disburse petroleum revenues (Oshionebo 2018).…”

Section: Petroleum Revenues Frameworkmentioning

confidence: 99%

The Boom, the Bust, and the Dynamics of Oil Resource Management in Ghana

Aryeetey¹,

Ackah²

2020

Mining for Change

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“…are deposited in the Petroleum Holding Fund (PHF). The PHF is an intermediary fund designed to collect and disburse petroleum revenues (Oshionebo 2018). Under the PRMA, the GNPC receives 55 per cent or less of the carried and participating interest.…”

Section: Petroleum Revenues Frameworkmentioning

confidence: 99%

“…Ghana implemented similar strategies. The Ghana Petroleum Funds were established as a sovereign wealth fund charged with the responsibility of investing and saving petroleum revenues (Oshionebo 2018). These funds consist of the GSF and the GHF.…”

Section: Dutch Diseasementioning

confidence: 99%

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The boom, the bust, and the dynamics of oil resource management in Ghana

Aryeetey¹,

Ackah²

2018

WIDER Working Paper

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“…It is, however, worth noting that the actual production of crude oil began in December 2010 at the Jubilee Field with a daily production capacity of 12,000 bpd (Aryeetey & Ackah, 2018). The reserves of the Jubilee Field were estimated at 600 mb with an upside potential of 1.8 billion barrels (Aryeetey & Ackah, 2018;Ayelazuno, 2014) making it one of the most prolific discoveries off the Gulf of Guinea in recent times (González, 2016;Oshionebo, 2018). The World Bank in 2009 estimated that Ghana could earn as much as $20 billion from the Jubilee Field Production alone between 2012 -2030.…”

Section: Introductionmentioning

confidence: 99%

The Impact of Oil and Gas Extraction in Sub-Saharan Africa: Evidence from Ghana

Luki

Ali-Nakyea²,

Salia³

et al. 2023

Acad. J. Interdiscip. Stud.

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The topic of how oil and gas extraction impact on economic development of nations is well researched, especially African oil-producing countries. Literature has revealed that countries endowed with natural resources tend not to grow in terms of Gross Domestic Product (GDP) compared to their counterparts with limited or no such natural resources. This phenomenon has been characterized as the paradox of plenty. The study sought to evaluate the economic impact of oil and gas extraction in Ghana. The study utilized the quantitative research approach with secondary data from World Bank Development Indicators, 2019. Johansen Co-integration Approach was also used to evaluate the extent of causality between oil production (revenues) and the various economic variables. The Johansen Co-integration test revealed that oil revenue exerts a significant effect on Ghana’s GDP (4% higher than the average GDP before the production of oil and gas). Meanwhile, the average agriculture value-added and service value-added of Ghana for the period after the production of oil is lower than the average agriculture value-added and service value-added for the period before the production of oil in commercial quantities. The study used Ghana as a case study which somehow limits its findings. Future studies may use a panel model to do a cross-country analysis of the impact of oil and gas production on the various sectors of the respective countries. Government should formulate and expand policies (such as planting for food and jobs, and agricultural mechanization) that will help grow the agricultural and service sectors of the economy using oil revenues. The study also recommends that the Public Interest and Accountability Committee (PIAC) should closely monitor and collaborate with the petroleum revenue management institutions to ensure that oil revenues allocated to the government priority sectors, especially agriculture and service, are fully implemented. This study differs from prior studies (novel) because it aimed to determine the impact of oil and gas extraction on agricultural, industrial, and service sectors before and after oil and gas production. Received: 6 December 2022 / Accepted: 10 February 2023 / Published: 5 March 2023

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Sovereign wealth funds in developing countries: a case study of the Ghana Petroleum Funds

Cited by 6 publications

References 0 publications

The Boom, the Bust, and the Dynamics of Oil Resource Management in Ghana

The Boom, the Bust, and the Dynamics of Oil Resource Management in Ghana

The boom, the bust, and the dynamics of oil resource management in Ghana

The Impact of Oil and Gas Extraction in Sub-Saharan Africa: Evidence from Ghana

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