Cut down on petroleum revenue supported projects – PIAC

Yussif Ibrahim, GNA

Juaso (Ash), Sept 19, GNA – The Public
Interest and Accountability Committee (PIAC) has called for substantial cut
down on projects implemented with the annual budget funding amount (ABFA) from
the petroleum revenue.

Professor Paul Kingsley Buah-Bassuah, Chairman
of the Committee, asked that the government identified few legacy projects that
should be supported.

The spread of the petroleum money – to take
care of numerous projects, he noted, was weakening the potential impact of the
oil revenue on the nation’s socio-economic development.

He was speaking at a public forum on the
management of the petroleum revenues between 2011 and 2015 in Juaso in the
Asante-Akim South District.

It brought together key stakeholders including
assembly members, trade associations, chiefs and civil society groups and the
goal was to inform them of how oil money had been utilized.

The forum also provided the platform to
solicit public views on priority areas that government should spend the money
over the next three years.

The current priority areas are agriculture
modernization, amortization, road and other infrastructure and capacity

Prof Buah-Bassuah indicated that the
government had gone beyond these four priority areas – spending in other
sectors of the economy which had not been selected.

He spoke of petroleum revenues having been
used “to tackle too many national problems at the same time” and he underlined
the need for properly defined guidelines on the selection of where these should

He said as a non-partisan body charged with
the responsibility to ensure compliance of the Petroleum Revenue Management
Act, the Committee would continue to monitor and see to it that the right
things were done.

Ghana between 2011 and 2015 received petroleum
revenue totaling US$3,251,830,000 billion, out of which US$1.428 billion was
allocated to ABFA.

Giving the breakdown, he said, US$ 249.92
million went into the Ghana Heritage Fund, US$ 604.35 million to the Ghana
Stabilization Fund with the remaining US$968.8 million allocated to the Ghana
National Petroleum Corporation (GNPC).

Mr. De-graft Forkuo, the District Chief
Executive (DCE), hailed the PIAC for its education drive to keep the people
adequately informed about the management of the oil money.


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