By
Mildred Siabi-Mensah/ Famiyeh Eshun, GNA
Takoradi, Dec. 15,
GNA – A research by the Africa Centre for Energy Policy (ACEP) on projects
funded from the Annual Budget Funding Allocations (ABFA) of the Oil Revenue has
revealed that cost overruns amongst others exist in the sector.
Mr Charles Ofori, a
Policy Analyst with ACEP, said accountability remains a major challenge in
ensuring value for money with regards to expenditure with the oil fund.
At a stakeholders’
forum on Value for Money analysis on project funded from the ABFA, the Policy
Analyst, said funds were thinly spread on projects and this did not yield the
expected results.
The oil sector has
far reaching implications for the economy, social development and political
stability and a well governed and managed oil sector could increase the wealth
of a nation and ensure sustainable development.
For that matter,
ACEP as part of efforts towards ensuring transparency, accountability and
efficiency in the oil fund management has introduced the Value For Money
concept to follow up such spending.
The report said
transparency has improved with a special unit at the Bank of Ghana, PIAC and
the Ministry of Finance reporting on status of funds.
So far, the ABFA has
accrued some 5.7 billion cedis, with unutilized funds standing at 1.05 million
cedis.
Participants were
not happy that government over the years has failed to engage the citizens on
setting priority areas and called for a review.
They also called for
more vocational training for the youths from the oil funds, housing as well as
the need for GNPC to concentrate on its core mandate.
They said the
GETFUND and the National Scholarships Secretariat must be adequately funded to
avoid other bodies from usurping their roles.
Nana Akosua
Gyamfuaba, Queen Mother of Nyankrom, said such institutions cannot continue to
be fallow while others take their job and called on the government to regulate
the activities of institutions that bypass the secretariat in the award of
scholarships.
GNA
