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PIAC DETECTS MALFEASANCE IN ANNUAL BUDGET FUNDING ACCOUNT

  • POSTED ON: April 14, 2016
  • AUTHOR: Editor
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download (1)Report released by the Public Interest and Accountability Committee (PAIC) indicates that, a colossal amount of $222 million was withdrawn from the Annual Budget Funding Account (ABFA) by the central Bank of Ghana.

The committee created by an Act of Parliament to oversee the efficient utilization of revenue in the country by governmental institutions released in its 2015 semi-annual report that, there was a 50% decline in the oil revenue as compared to previous years.

The Public Interest and Accountability Committee (PIAC) also revealed, the Ghana National Gas Company (GNGC) is indebted to the Ghana National Petroleum Corporation (GNPC) to the tune of US$103.63 million as at June, 2015. The debt is as a result of the Volta River Authority’s (VRA) inability to pay for gas supplied by Ghana Gas.

According to the report, total petroleum receipts during the first half of the year was $274.47 million compared to US$562.48 million received during the same period in the preceding year, representing a 56% decline in revenue

This occurred as result of the decline in the global oil prices on the world market which fell from $120 to $28.4 per barrel in 2015.

By Penplusbytes

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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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