(1) Where government elects for payment in petroleum instead of cash, the value of the petroleum in US Dollars on the day the petroleum is received by or on behalf of the government shall be reported and recorded by the Ghana Revenue Authority as the payments for the Petroleum Holding Fund.

(2) The proceeds of the sale of die petroleum shall be credited to the Petroleum Holding Fund within sixty calendar days after the receipt of the petroleum. 

(3) Where payments are made in petroleum, the US Dollar equivalent of the payment on the date of receipt shall be shown as a receipt into the Petroleum Holding Fund for purpose of reporting.