Finance Minister, Seth Terkper says transfers to Ghana National Petroleum Company (GNPC) has been reduced to Ghc468.9million following decline in oil revenue expectations.

The assessment by government is based on a price of US$52.8per barrel, which is consistent with the IMF forecast.

Based on the new revenue assumptions, total petroleum receipts for 2015 is estimated at GHS1.5billion (1.1% of GDP).

The total expenditure and arrears clearance for 2015 are expected to decline by Ghc1.5billion from 41.2 million representing 30.5% of GDP, reducing to Ghc39.7billion (29.8% of GDP).

According to Mr. Terkper, “this move will safeguard the achievement of the country’s bright medium-term prospects for the benefit of all Ghanaians”.