The Public Interest and Accountability Committee (PIAC) has been in existence since September2011 and in these five years, the Committee has managed to publish five annual reports, (2011 to 2015). The PIAC members discusses a broad range of issues associated with petroleum revenue management such as information on production; liftings; total revenues accruing; allocation and utilization of these revenues by government and the management of the funds set aside in the Ghana Petroleum Funds (Ghana Stabilization Fund and the Ghana Heritage Fund). The committee also deals with an examination of other issues and makes observations pertinent to the performance of various institutions charged with responsibilities in the Petroleum Revenue Management Act (PRMA). The Public Interest and Accountability Committee as a statutory committee established under Section 51 of the Petroleum Revenue Management Act 2011 (Act 815) provides the following objectives provided in Section 52:
The Committee as required by the same law has the function to issue a report every six months to keep track of how petroleum revenues received during such period are being used and accounted for by the government and various state agencies which have responsibilities to manage the resource. The various reports of the Committee since its inauguration in September 2011 contains findings and recommendations relating to management of petroleum revenues during the year 2015.
In conclusion, the activities of the Public Interest and Accountability Committee cannot be underestimated if the general public wants to know the revenue accruing from emerging sector of the Ghanaian economy that has the potential to generate enough funds for development projects for the citizens of the country.
By: David Aduhene Tanoh-www.reportingoilandgas.com