Ghana's 'new path' for handling oil revenue

摘要

GHANA'S REVENUE MANAGEMENT Act - passed more than a year after the first oil was pumped from the country's Jubilee Field - has been described as an "innovation." The law outlines clear mechanisms for collecting and distributing petroleum revenue. It specifies what percentage should help fund the annual budget, what should be set aside for future generations and what should be invested for a rainy day. Petroleum revenue contributed four per cent of the government's total capital spending in 2011. The funds went mainly to investments in road infrastructure, but also to building the capacity of the oil and gas sector, repaying loans and strengthening agriculture, most notably for fertiliser subsidies.