A consultant with the Natural Resource Governance Institute Emmanuel Kuyole has suggested to government to consider promulgating a new law that deals with the revenue management of all natural resources.
According to him having separate laws for each natural resource is not the best.
“Review the Petroleum Revenue Management Law, keep the good things that are in the law, but broaden it to bring on board other key sectors such as the mining sector and link that to the Public Financial Management Act.” Mr. Kuyole explained.
He stated this in an interview at the sideline of a training workshop for journalists in Accra, organized by Penplusbytes under its “Enhancing the Role of the Media in promoting Oil and Gas Sector Transparency and Accountability” program with support from Ghana Oil and Gas for Inclusive Growth (GOGIG).
Mr. Kuyole further stated that even though the Petroleum Revenue Management Act (Act 815) has delivered some great transparency and accountability results there is the need to take a second look at the Act and its linkage with the general economy.
Mr. Kuyoule noted that the Petroleum Revenues are just about ten percent of total government revenues therefore it is not ideal to have a good law governing only the ten percent while Ninety percent of the revenues are been subjected to challenges that national budgets over the years have faced.
The Petroleum Revenue Management Act PRMA was passed in 2011 to govern the management of revenues from the sector. Portions of the Act were amended.
The amendment (Act 893) provided for the allocation of funds to the Ghana Infrastructure Investment Fund for the purposes of infrastructure development and to provide for the composition of investment advisory committee.
Some inconsistencies and errors have been rectified.
Generally, the substance of Act 815 has been maintained.