(1) Not later than the end of the first quarter of each year after the commencement of this Act, the minister shall reconcile the actual total Petroleum receipts and the Annual Budget Funding Amount of the immediately preceding year and shall submit a written report to Parliament.

(2) The report shall include the following information:

(a) the Annual Budget Funding Amount for the immediately preceding two years;

(b)  the actual inflows and outflows of the Petroleum Holding Fund for that year;

(c) the balance of actual receipts for the year being reconciled over the Annual Budget Funding Amount; and

(d) Recommendations for the reconciliations and adjustments needed to account for any deviations so that the inflows and outflows related to the Ghana Petroleum Funds match the actuals of the year.

(3) The report shall published in the Gazette and at least two state owned daily newspapers not later than April 30^th of the year in which the reconciliation is carried out.