An amount of Ghc111,959,738, representing 14% of the Annual Budget Funding Amount (ABFA) of Ghc516,834,831 accrued from oil revenues was spent on building the capacity of Ghanaians in the oil and gas sector for 2012.
Additionally, the Ghana National Petroleum Company (GNPC) also spent Ghc3million on its Oil and Gas Foundation to develop national capacity to allow for greater participation in the industry.
These expenditures were contained in a report of the Finance Committee of Parliament on the 2012 and 2013 annual reports on the Petroleum Funds.
The specifics of the initiatives mentioned above are immediately not known.
According to the report, experts in the industry believe that if individuals alone were left to develop their capacities, it could take about fifteen years for the requisite capacities to be developed by which time Petroleum resources might be near depletion.
The report is yet to be laid at the plenary for consideration and adoption.
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