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De-link oil revenue funded projects from others – PIAC

Major-Ablorh-QuarcooMajor-Ablorh-QuarcooThe Public Interest and Accountability Committee (PIAC) has asked governments to de-link oil-revenue funded projects from others. This, the Committee said will make it easier to trace how the funds were used.

PIAC Chairman Major Daniel Sowa Ablorh-Quarcoo (retired) made the call at a public forum held in Ho on Thursday to review the Committee’s 2012 report on Management of Petroleum Revenues.

Such de-linking, he said, would make monitoring and evaluation of how Ghana’s petroleum funds are spent less burdensome.

PIAC which has representatives from a cross section of professional bodies, civil society groups among others, was set up in accordance with the country’s Petroleum Revenue Management Act to monitor and evaluate the management and spending of the country’s petroleum revenue.

Major Ablorh-Quarcoo said the 9 per cent of the petroleum revenue which according to the Act, is to be put aside into a heritage fund, is a vital safeguard for national economic stability.

He said it has worked for Norway, where a similar fund kept aggregating over the years, and now a huge source of investable funds.

Source: GNA

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