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Ghana Oil Fund Savings Reach $69.2 Million in 2011, Bank Says

Ghana’s savings in two oil funds reached $69.2 million in 2011, the first year of production of crude for export, the central bank said on its website today.

A stabilization fund, meant for use in times of price volatility, was given $54.8 million while a heritage fund for future generations received $14.4 million, according to the Accra-based Bank of Ghana.

The stabilization fund was invested in a three-month instrument and made returns worth $32,471, while the heritage fund, which was invested for six months, yielded $39,207, it said. It didn’t say where the money was invested.

The allocations were made from proceeds of crude sales belonging to the state, valued at $444.1 million last year. Ghana extracted oil four times last year and gave money from the proceeds to the funds three of those times, the bank said without giving reason.

Ghana, West Africa’s second-biggest economy, began production at the off-shore Jubilee oil field on Dec. 15, 2010. Daily production will average between 70,000 barrels and 90,000 barrels this year, field operator Tullow Oil Plc said on Jan. 18.

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