Gov’t denies claims it has misappropriated $1 billion of oil revenue

The Energy Ministry has disputed claims by the minority in Parliament that one billion dollars of oil revenue has not been properly accounted for.

Head of Communications at the Ministry Edward Bawa is convinced every single penny has been accounted for under the Petroleum Revenue Management Act.

The Minority spokesperson on Energy, KT Hammond at a press conference in Parliament on Monday alleged government has been reckless in the management of the Energy Sector.

He said among other things that the over $1 billion dollars raised through Ghana’s exploration of oil has not been properly accounted for.

He was emphatic however that much of government resources have gone into corruption, citing the recent rot in GYEEDA, as well as judgement debts paid to Woyome and others.

But Edward Bawa told Joy News’ Evans Mensah part of the oil revenue went into capacity building. He added that the Ghana National Petroleum Corporation also holds a stake in how the oil revenue is disbursed and has invested in many cash crop projects.

He stated emphatically that the GNPC will submit to Parliament, audited accounts of monies used in its cash crop project.

According to him, the Finance Minister has provided to Parliament details on how the oil revenue had been disbursed.

But the NPP is not impressed. Obuasi MP, Kweku Kwarteng said the explanation by Bawa has exposed the weakness in government’s handling of the oil revenue.

He said the Petroleum Revenue Act is clear on what government can spend the oil revenue on and on the basis of what they have seen government do, they are not convinced government is putting the oil revenue to proper use.

Contrary to claims by Mr Bawa, Kwarteng said government is yet to bring to Parliament details of the 2012 report on how the oil revenue was used.

According to him, the capacity building, which Bawa so eloquently spoke about, was expenditure for 2011 and not 2012.

He said government’s failure to present a report only “reflects the manner in which the government used oil resources.”