The 2022 annual report of the Public Interest and Accountability Committee (PIAC), a committee set up by an Act of Parliament to monitor petroleum funds utilisation,\u00a0 has revealed that for two consecutive years, 2021 \u2013 1.74% and 2022 \u2013 2.39%, the Ministry of Finance was not been able to meet the requirement to transfer five percent of the Annual Budget Funding Amount (ABFA) to the District Assembly Common Fund (DACF)<\/strong>.<\/p>\nFor the Industrialisation Priority Area, the report said, it received an amount of GH\u00a29.29 million representing 0.20 percent of the total ABFA (GH\u00a24.41 billion).<\/p>\n
The disbursement which represents 4.29 percent of the amount budgeted (GH\u00a2216.3 million) for the priority area for 2022 does not reflect giving priority to Industrialisation in the use of ABFA, it said.<\/p>\n
The report established that an amount of GH\u00a2643.61 million (US$73.68 million) was transferred to Ghana Infrastructure Investment\u00a0 Fund (GIIF) in 2022.\u00a0 According to the Fund, the entire disbursement was used to support the Agenda 111 Project of the Government.<\/p>\n
This is the second year after 2021 that Ghana Infrastructure Investment\u00a0 Fun GIIF has received funds for the Agenda 111 Project. In 2021 an amount of GH\u20b5290.38 million (US$49.39 million) was allocated to the Fund, it said.<\/p>\n
The retention of the current cap of US$100 million on the GSF for the year 2022 is not in accordance with the formula stipulated in L.I 2381.<\/p>\n
\u201cA proper application of the formula would have returned a cap of US$638.87 million.<\/p>\n
\u201cThe current cap does not help build the Fund to serve its purpose,\u201d the report indicated.<\/p>\n
In 2022, the Ghana\u00a0 National Petroleum\u00a0 Corporation (GNPC) received an amount of US$38,835,537.56 as gas commodity revenue from the Cash Waterfall Mechanism (CWM) which constitutes petroleum revenue. This amount
GNPC is using JOHL to carry out operations not approved in GNPC\u2019s Workplan for 2022. Two notable examples are Explorco cash calls on Springfield, ENI Block 4 etc. \u2013 US$5,546,419.12 and SOPCL Decommissioning \u2013 US$11,000,000.00.<\/p>\n
Total lifting proceeds received by JOHL (a subsidiary of GNPC) for 2022 amounted to
Although the Ghana National\u00a0 Gas Company (GNGC) generates some revenue from the sale of processed gas, it has been unable to settle its indebtedness to GNPC for raw gas supplied because of the zeroed policy introduced by government to subsidise its portion of the CAPI of the gas.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The 2022 annual report of the Public Interest and Accountability Committee (PIAC), a committee set up by an Act of Parliament to monitor petroleum funds utilisation,\u00a0 has revealed that for two consecutive years, 2021 \u2013 1.74% and 2022 \u2013 2.39%, the Ministry of Finance was not been able to meet the requirement to transfer five […]<\/p>\n","protected":false},"author":1,"featured_media":2413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-60000","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
Finance Ministry hasn't transferred 5% of ABFA to DACF for 2 consecutive years - PIAC report - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/04\/21\/finance-ministry-hasnt-transferred-5-of-abfa-to-dacf-for-2-consecutive-years-piac-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance Ministry hasn't transferred 5% of ABFA to DACF for 2 consecutive years - PIAC report - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The 2022 annual report of the Public Interest and Accountability Committee (PIAC), a committee set up by an Act of Parliament to monitor petroleum funds utilisation,\u00a0 has revealed that for two consecutive years, 2021 \u2013 1.74% and 2022 \u2013 2.39%, the Ministry of Finance was not been able to meet the requirement to transfer five […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ghanamma.com\/2023\/04\/21\/finance-ministry-hasnt-transferred-5-of-abfa-to-dacf-for-2-consecutive-years-piac-report\/\" \/>\n<meta property=\"og:site_name\" content=\"Ghanamma.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-21T11:42:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.ghanamma.com\/2023\/wp-content\/uploads\/2023\/01\/Ken-Ofori-Atta-1-e1595508828551-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1436\" \/>\n\t<meta property=\"og:image:height\" content=\"885\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ghana News\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ghana News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.ghanamma.com\/2023\/04\/21\/finance-ministry-hasnt-transferred-5-of-abfa-to-dacf-for-2-consecutive-years-piac-report\/\",\"url\":\"https:\/\/www.ghanamma.com\/2023\/04\/21\/finance-ministry-hasnt-transferred-5-of-abfa-to-dacf-for-2-consecutive-years-piac-report\/\",\"name\":\"Finance Ministry hasn't transferred 5% of ABFA to DACF for 2 consecutive years - 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