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Tag Archives: PIAC

Restore deactivated Petroleum Investment Advisory C’ttee – PIAC to gov’t

The Public Interest and Accountability Committee [PIAC], has admonished government to expeditiously activate the Petroleum Investment Advisory Committee in line with Section 29 of the Petroleum Revenue Management Act [PRMA]. According to PIAC, the Petroleum Investment Advisory Committee has been deactivated since the change of government in 2016. A senior member of the Committee, Dr. Thomas Kojo Stephens, brought this ...

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Industry divided over reduced cost of gas

There have been mixed reactions to government’s announcement of a 26% reduction in the cost of gas to businesses that rely heavily on the product. While industry has wholly welcomed the move, some industry analysts have cautioned against the outstanding debts facing institutions involved in the supply of gas. Citi Business News spoke to a couple of players involved in the ...

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Govt cuts back expenditure on health, roads

Government is yet to disburse some GH¢305.27 million outstanding allocation to the Annual Budget Funding Amount for the first half of 2017. According to the Public Interest and Accountability Committee (PIAC), even though the ABFA received some GH¢358.41 million for the first half of the year, the government spent just GH¢53,136,951 or 15 percent of the amount. The issues were ...

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Petroleum Revenue Mgt. Act breached for 7-yrs running – PIAC

The Public Interest and Accountability Committee (PIAC), has lamented the poor handling of projects funded with Ghana’s oil revenue without adherence to the Petroleum Revenue Management Act. According to a member of PIAC, Dr. Steve Manteaw, successive governments have breached the Act for seven years running. The Act mandates the Finance Minister to report on all oil-funded projects in the ...

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Gov’t advised to invest oil revenue on legacy projects

Participants at a three-day workshop on Ghana’s oil revenue disbursement have implored government to shift from quantity to quality by investing the nation’s oil revenue on legacy projects. The workshop, organized in Koforidua, was spearheaded by the Institute of Financial and Economic Journalists (IFEJ), and sponsored by the German Development Cooperation (GIZ). It was meant to track the progress made ...

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Ghana’s petroleum revenue hits all-time-low in 2016 [Infographic]

Ghana received a little over $247.18 million in 2016 from oil revenue – the lowest amount since Ghana began commercial production of oil in 2011. In 2011, when commercial production commenced, the country received $444.12 million in 2012 and $ 541.62 million and $846.77 million in 2013 and 2014 respectively. The country recorded the highest oil revenue in 2014, with ...

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PIAC needs prosecutorial powers – Stakeholders

As a statutory institution committed to ensuring efficient, transparent and accountable management of petroleum revenues and investments, the Public Interest and Accountability Committee (PIAC) lacks the legal wherewithal to prosecute people who misappropriate Ghana’s oil revenue allocations. This came to light at a three-day workshop on interrogating the 2016 Annual PIAC report spearheaded by the Institute of Financial and Economic ...

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Hedging Ghana’s crude oil could be dangerous – Dr. Manteaw

An outspoken member of the Public Interest and Accountability Committee (PIAC), Dr. Steve Manteaw has cautioned Ghana’s crude oil managers against hedging the product at the international markets. He explained that the risks associated with such practice could shortchange the nation’s petroleum revenue. He thus called for a price stabilization mechanism in tandem with transparency provisions enshrined in the nation’s ...

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$300m Heritage Fund not enough for Free SHS – PIAC Chair

The  Chairman of the Public Interest Accountability Committee (PIAC), Joseph Winful, has expressed doubts about the capacity of the Heritage Fund in its present stage, to meet the needs of the Free Senior High School policy. Speaking on Eyewitness News, Mr. Winful indicated that, the fund had less than $300 million, while some analysts say the free SHS policy could cost ...

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PIAC seeks $9.5 million to fund strategic plan

The Public Interest and Accountability Committee (PIAC), has launched a comprehensive plan to reform the Committee to better track government’s application of the petroleum revenue for improved living conditions of the citizenry. About $ 9.5 million would be required for the successful implementation of the five-year strategic arrangement, which served as a framework for the Committee to prioritize its actions ...

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