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Oil fields rake in GH¢5.2 billion

oil dollarGhana’s oil fields have raked in 5.2 billion cedis in revenue for the country since 2010.

But the Public Interest and Accountability Committee (PIAC) monitoring the judicious use of the oil revenues for the people has admitted that it is still not too sure how all those monies have been used.

The Chairman of the PIAC, Professor P.K. Buah-Bassuah, said though the committee was doing its best to monitor the use of those revenues, its financial limitations had made them handicapped in a lot of ways.

He observed, for instance, that though reports to the committee indicated that some roads, including the Essuehyia-Otuam road, a steel bridge and a road, a steel bridge and a road linking Ankaful and the University of Cape Coast had been cited as having been constructed with monies from the oil revenues, they had still not been completed.

“We are still not sure the state of some of the infrastructure cited as having been done with oil revenues,” he stated.

He said the committee’s inability to verify projects and their state was worrying.

Explanation

He explained this was because though the committee had the mandate; it had not been resourced to work effectively.

“The ministry of finance promised us a vehicle in June. We are still waiting for it. Our few staff members have not been paid for three months. All our brochures and leaflets are done with sponsorship from the German Development Corporation and DFID,” he stated.

He said the PIAC was not happy either about the fact that the government had taken on so many projects at a time with little impact on the people.

“The government should be focused and not spread projects too widely. This will ensure that quality projects that would make a lasting impact on the people were undertaken.”

Heritage Fund

Prof. Buah-Bassuah stated, however, that the PIAC found it commendable that the government had refrained from touching the Heritage Fund set aside for the future generation. He gave an assurance that the PIAC would continue to work to ensure the judicious use of the oil resources.

Osabarimba Kwesi Atta II, Omanhene of Cape Coast and member of the committee, said the PIAC had worked hard to ensure the optimal use of oil revenues for national development despite the many challenges facing the committee and urged all Ghanaians to be interested and contributed constructively to all forums of the committee.

Source: http://graphic.com.gh/news/general-news/51372-oil-fields-rake-in-gh-5-2-billion.html#sthash.vJgSpLWU.dpuf

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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