PIAC proposes amendment to Petroleum Revenue Management Act
The Public Interest and Accountability Committee (PIAC) has recommended an amendment to the Petroleum Revenue Management Act (PRMA) to remove the ministerial discretion in the allocation of excess revenue over the Stabilisation Fund (SF) cap.
Currently, the Minister has the power to determine how much of the excess funds go into the Contingency and Sinking Funds. The removal of the discretion, PIAC said, would ensure that there was enough money in the Contingency Fund to address national emergencies.
Mr Noble Wadzah, Chairman of PIAC, a constitutionally mandated body with oversight responsibility on the prudent use and accountability of oil revenues, made the proposal at a public forum on the management and use of Ghana’s petroleum revenues in Cape Coast on Tuesday.
The forum brought together key stakeholders, including representatives of the Central Regional Coordinating Council, PIAC member institutions, traditional and religious leaders, media and the public.
PIAC in its findings of the 2019 annual report observed that an amount of US$189.13 million was withdrawn as excess over the cap (ceiling) of US$300 million placed at the discretion of the Minister of Finance on the huge backlog of make-up gas volumes and eventual resource waste.