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PIAC criticizes Finance Minister for breaching petroleum laws

  • SOURCE: | Editor
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    The Public Interest and Accountability Committee (PIAC) is alarmed at the absence of an Investment Advisory Committee in the management of Ghana’s oil revenue for 2017.

    According to PIAC, the situation means the Finance Minister, Ken Ofori Atta has breached Section 29 of the Petroleum Revenue Management Act, hence must work to resolve the situation.

    This is among the findings of PIAC in its semi-annual report on petroleum revenue management for the first half of 2017.

    The Investment Advisory Committee is among others expected to propose to Finance Minister the investment policy and management of the Ghana Stabilisation and Heritage Funds.

    It is also to guide on key decisions regarding some investments and expected returns from risks taken in the management of the Petroleum funds.

    But PIAC maintains that this has not been constituted since the change in government on January 7 this year.

    Meanwhile for the first half of this year, Ghana raked in US$ 272,678,033.62 in revenue from oil exports.

    Also, the GNPC has yielded to suggestions and has since negotiated a Business Interruption insurance cover for its Jubilee and TEN operations.

    By this, the country’s stake in the respective oil productions will be least affected in the event of distortions in global oil prices.

    Meanwhile, the VRA is still owing for gas supplied to it.

    For instance, the Authority owed the Ghana National Gas Company 107.18 million dollars plus interest.

    Whilst the Ghana National Gas Company in turn owes the GNPC an accumulated 130 million dollars.

    As a result, PIAC wants the Finance Minister “to ensure that proceeds from the Energy Sector Bond are judiciously managed to eliminate the recurring debts which are threatening to compromise the financial integrity of government institutions involved in the commercial aspect of the energy sector.”

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