Oil cash Archives - Citi 97.3 FM - Relevant Radio. Always https://citifmonline.com/tag/oil-cash/ Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz Tue, 14 Nov 2017 16:42:47 +0000 en-US hourly 1 https://wordpress.org/?v=6.0.8 https://citifmonline.com/wp-content/uploads/2019/05/cropped-CITI-973-FM-32x32.jpg Oil cash Archives - Citi 97.3 FM - Relevant Radio. Always https://citifmonline.com/tag/oil-cash/ 32 32 Petroleum Revenue Mgt. Act breached for 7-yrs running – PIAC https://citifmonline.com/2017/11/petroleum-revenue-mgt-act-breached-for-7-yrs-running-piac/ Tue, 14 Nov 2017 16:37:50 +0000 http://citifmonline.com/?p=373682 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. [contextly_sidebar id=”irRV5jlgclluo8ms0PKIqY77zDbK7WpG”]The Act mandates the Finance Minister to report […]

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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.

[contextly_sidebar id=”irRV5jlgclluo8ms0PKIqY77zDbK7WpG”]The Act mandates the Finance Minister to report on all oil-funded projects in the year under review.

But Dr. Manteaw said the provision has been breached by various Finance Ministers including, Ken Ofori Atta.

“Over the period since we started producing oil in this country, the past ministers and the current Minister [of Finance] have not complied with that provision in terms of giving us update on the stage of completion of oil projects. A project inspection undertaken by PIAC recently has revealed that a lot of the projects are non-existent and those that are in existent, are deteriorating barely a year into their completion raising serious concerns about the quality of spending and value for money considerations that underpin the use of oil revenues,” Dr. Manteaw added.

Dr. Manteaw was speaking at a breakfast meeting in Parliament today, Tuesday, where he made the remarks.

PIAC needs prosecutorial powers

Some stakeholders within the oil sector had earlier called for more powers to given PIAC to prosecute persons who misappropriate Ghana’s oil revenue.

This in their estimation could empower PIAC to fully fulfill its mandate of ensuring the efficient management of the nation’s petroleum revenues for sustainable development.

About the Petroleum Revenue Management (Amendment) Bill, 2015

Parliament in 2015 passed the Petroleum Revenue Management (Amendment) Bill, 2015 into law.

The Bill amended an existing Act to provide for the allocation of Funds for the Ghana Infrastructure and Investment Funds, address some issues with the Ghana Stabilization Fund, the benchmark revenue projection, and further empower the Ghana National Petroleum Company (GNPC) to become a commercial entity and a strong operator in the oil and gas sector.

The law was expected to also provide a legal framework for the collection, allocation and management of petroleum revenue in a responsible, transparent, accountable and sustainable manner for the benefit of Ghanaians in accordance with Article 36 of the 1992 Constitution.

By: Godwin Akweiteh Allotey/citifmonline.com/Ghana

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Ghana’s petroleum revenue hits all-time-low in 2016 [Infographic] https://citifmonline.com/2017/10/ghanas-petroleum-revenue-hits-all-time-low-in-2016-infographic/ Thu, 05 Oct 2017 15:00:29 +0000 http://citifmonline.com/?p=359057 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 […]

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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 $978,02 million, but recorded a sharp decline in 2015, in the sum of $ 396.17 million.

The amount dipped further in 2016 recording $ 247.18 million.

This was captured in the 2016 Public Interest and Accountability Committee (PIAC) report.

PIAC in the report attributed the low revenue in 2016 to the decline in petroleum production which it said was caused by a 34-day shutdown of the Jubilee Field for maintenance from March 31 to May 3, 2016.

Below is an infographic summarizing Ghana’s oil revenue since 2011:

Ghana oil

 

By: Godwin A. Allotey & Melvin M. Clottey/citifmonline.com/Ghana

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NDC gov’t spent GHc317m oil cash on capacity building https://citifmonline.com/2017/09/ndc-govt-spent-ghc317m-oil-cash-on-capacity-building/ https://citifmonline.com/2017/09/ndc-govt-spent-ghc317m-oil-cash-on-capacity-building/#comments Tue, 26 Sep 2017 09:28:58 +0000 http://citifmonline.com/?p=356967 While lack of expertise continue to hinder Ghanaian companies from exploring opportunities in the oil and gas sector, government splashed a whopping GH¢317 million (GH¢317,109,617) on capacity-building between 2011 and 2016. Despite this colossal amount, Ghana continues to grapple with skilled technical labour – giving room for expatriates to snap lucrative jobs in the sector. […]

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While lack of expertise continue to hinder Ghanaian companies from exploring opportunities in the oil and gas sector, government splashed a whopping GH¢317 million (GH¢317,109,617) on capacity-building between 2011 and 2016.

Despite this colossal amount, Ghana continues to grapple with skilled technical labour – giving room for expatriates to snap lucrative jobs in the sector.

Capacity-building is one of the four priority areas that benefit from the yearly allocation of oil revenues, which are to be directed at initiatives to enhance the skills of Ghanaians to be able to manage the oil and gas sector.

However, after more than seven years of oil exploitation, it is difficult, if not impossible, to mention how these allocations have helped sharpen the skills of Ghanaians to take advantage of technical employment opportunities in the sector.

It is estimated that out of the GH¢317 million allocation made for capacity-building, about 70% was used to fund various social interventions in the education sector while part was given as support to state-controlled financial institutions.

The little part of the money that went into capacity was also used to mostly sponsor Ghanaians to travel outside for Masters programmes in oil and gas.

Sadly, most of the beneficiaries return to Ghana only to remain jobless because the industry is not in need of their services since they did more of academic work.

Institutions such as Venture Capital Trust Fund (VCTF) Microfinance and Small Loans Centre (MASLOC), National Youth Employment Programme (NYEP), National Disaster Management Organisation (NADMO), National Youth Authority (NYA)which have been rocked by corruption scandals have all received substantial amounts of the capacity-building money.

2011 – GH¢750,000allocated for capacity building
In 2011, government allocated GH¢750,000 which was used to build laboratories at Kwame Nkrumah University of Science and Technology to train students studying petrochemical engineering.

2012-GH¢111.6m allocated for capacity building
For 2012, over GH¢111.6million (GH¢111,656,738) was allocated for capacity-building.

GH¢35m for MASLOC(2012)
The Microfinance and Small Loans Centre (MASLOC) received GH¢35million of the capacity-building money to give out as loans.

Even though this money has not been returned to state purse, MASLOC is broke as monies disbursed to people have not been paid back.

Over GH¢100 million being loans given to beneficiaries have still not been recovered by Microfinance and Small Loans Centre (MASLOC).

GH¢15.9m for NYEP(2012)
The National Youth Employment Programme (NYEP) was given GH¢15.9million(GH¢15,907,952).

GH¢10m for NADMO(2012)
An amount of GH¢10million was provided to the National Disaster Management Organisation (NADMO)to purchase relief items.

GH¢11.9m to purchase of goods and services for MoFA (2012)
The Ministry of Food and Agriculture (MoFA) was allocated GH¢11.9million (GH¢11,984,020) for the purchase of goods and services.

GH¢10m for ICT training for persons with disability(2012)
An amount of GH¢10million was earmarked for the training of 5,000 persons with disability in Information Communication Technology ((ICT).

GH¢8.1m for LEAP(2012)
The Livelihood Empowerment Against Poverty (LEAP) received GH¢8.1million to disburse to beneficiaries.

GH¢5m for Venture Capital Trust Fund (2012)
A total of GH¢5million was given to financial support to Venture Capital Trust Fund.

GH¢4m for skills training in road maintenance (2012)
The government also gave GH¢4million (GH¢4,092,048) for skills training in road maintenance.

GH¢5.3m for Ghana Living Standards Survey (2012)
An amount of GH¢5.3million (GH¢5,373,418) was used to fund Ghana Living Standards Survey.

GH¢2m for MUISGA (2012)
The Musician Union of Ghana (MUISGA) received GH¢2million as support to the creative industry.

GH¢2m for Exim Guarantee Company (2012)
Exim Guarantee Company Ghana Limited rebranded into Exim Bank received GH¢2million as recapitalisation.

GH¢1.7m for Lands Ministry (2012)
The Ministry of Lands and Natural Resources was given GH¢1.7million (GH¢1,790,000).

GH¢445,300 for NYA (2012)
The National Youth Authority (NYA) also received GH¢445,300.

2013 – GH¢20.1m
In the year 2013, government allocatedGH¢20.1million (GH¢20,183,359) for capacity-building.

GH¢10m for Venture Capital Trust Fund (2013)
The Venture Capital Trust Fund (VCTF) again received GH¢10million as financial support.

An alleged corrupt scandal at the VCTFhas caused the Bureau of National Investigation (BNI) to open investigations.

According to the Daily Guide newspaper, the Development Assistance Fund (DAF) and the Special Purpose Vehicle (SPV) created under the VCTF to give funding access to Small and Medium Scale Enterprises (SMEs) were allegedly used as an avenue to steal state funds.

Currently, only about 7% of a whopping GH¢18.26 million invested by the government between 2010 and 2015 has been recovered and GH¢32 million is still outstanding.

GH¢2m for Exim Guarantee Fund (2013)
Exim Guarantee Fund was also allocated GH¢2million in 2013.

GH¢8.1m for Petroleum Commission (2013)
The Petroleum Commission received GH¢8.1million (GH¢8,183,359) to support its operations.

2015 – GH¢101.4m allocated for capacity-building
For the year 2015, an amount of GH¢101.4million (GH¢101,482,290)was disbursed for capacity-building.

GH¢34.5m for SHS subsidy(2015)
Out of this amount, GH¢34.5million (GH¢34,557,175) was allocated for the payment of Senior High School (SHS) subsidy and implementation of progressively Free SHS.

GH¢23.5m for School feeding(2015)
Also, GH¢23.5million (GH¢23,531,764) was used to pay for school feeding.

GH¢16.6m for capitation grant(2015)
In addition, government also used GH¢16.6million (GH¢16,647,366) to pay for capitation grant.

GH¢15.5 for BECE (2015)
An amount ofGH¢15.5million (GH¢15,543,500) was also used as subsidy for Basic Education Certificate Examination (BECE).

GH¢4.5m for SHS, Primary school capacity-building(2015)
An amount of GH¢4.5million (GH¢4,510,904) went into the payments to improve capacity at Primary and Secondary Schools.

GH¢3.8m for school uniforms (2015)
Payment for the supply of school uniforms in four regions accounted for GH¢3.8million (GH¢3,898,647).

GH¢2.2m for HR Audit (2015)
Government also allocated GH¢2.2million (GH¢2,236,276) as the payment for Human Resources audit activities.

GH¢556, 655 for stationery (2015)
An amount of GH¢556,655 went into the printing and transportation of stationery to seven regions.

2016 – GH¢83m allocated for capacity building
Last year [2016], an amount of GH¢83million(GH¢83,037,284), which was set aside for capacity-building, was given to the Ghana Education Trust Fund (GETFund).

Source: The Finder

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Coastal communities needs more support – Chief https://citifmonline.com/2017/07/coastal-communities-needs-more-support-chief/ Fri, 21 Jul 2017 06:25:13 +0000 http://citifmonline.com/?p=338168 The paramount chief of the Lower Dixcove Traditional Area in the Western Region Nana Kwesi Agyemang IX who is also the chairperson of the Western Region Coastal Foundation has said that although some concerns of communities affected by the exploitation of oil and gas resources have been addressed by stakeholders in the sector, more needs […]

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The paramount chief of the Lower Dixcove Traditional Area in the Western Region Nana Kwesi Agyemang IX who is also the chairperson of the Western Region Coastal Foundation has said that although some concerns of communities affected by the exploitation of oil and gas resources have been addressed by stakeholders in the sector, more needs to be done to mitigate the effect of the exploitation ofn fishing, youth unemployment, high cost of living among others.

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According to him, these challenges have been compounded by government’s inadequate attention on the area.

Speaking at a Citizens Advisory Council Public Session in Takoradi, Nana Kwesi Agyemang explained that the Advisory Counsel’s recommendations from previous meetings on some of such problems “have been attended to; bridges have been repaired, some communities now have CHPS compounds, Ghana Gas is taking steps to address flooding in some its host communities, the problems facing the communities are enormous.

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He explained that ” the exclusive zones in the sea keeps expanding which restricts fishing or pushes fishermen to go further to find fish. This in turns increases the cost of fishing expeditions. We worry about the increase in youth unemployment, the constant rise in the cost of living, rain floods in our communities as a result of inappropriate drains, our receding coast which is swallowing lands affected and affected many communities… “.

Nana Agyemang IX however asked the government companies to find lasting solutions to these problems “because even though Ghana is touted as a peace loving country, “the potential threat to security becomes real when people do not see changes in their lives in the midst of so much oil revenue.”

By: Obrempong Yaw Ampofo/citifmonline.com/Ghana

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Ghana’s Judiciary too broke to conduct cases – GBA https://citifmonline.com/2014/06/ghanas-judiciary-too-broke-to-conduct-cases-gba/ Wed, 18 Jun 2014 17:45:34 +0000 http://4cd.e16.myftpupload.com/?p=25825 The Ghana Bar Association (GBA) is asking government to immediately release funds to the Judicial Service as it currently has no money to conduct cases. According to  the association, the Judicial Service has not received its subvention, thus making the efficient running of the service impossible. The Ghana Bar Association in a statement signed by […]

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The Ghana Bar Association (GBA) is asking government to immediately release funds to the Judicial Service as it currently has no money to conduct cases.

According to  the association, the Judicial Service has not received its subvention, thus making the efficient running of the service impossible.

The Ghana Bar Association in a statement signed by its National President, Nene Amegatcher noted that the judicial service has been paralysed by lack of funds.

”The Ghana Bar Association notes with regret that despite the fact that the constitution guarantees financial autonomy to the judiciary, the institution virtually has to be on its knees begging government to release its subvention.

”The situation has been worsened by the fact that the judiciary has not received even the inadequate budgetary provision for over a year,” the statement said.

The GBA revealed that an annual tour by its National Executives to the Central region revealed that the living conditions and working environment of the judges and staff of the judiciary is ”inhuman and degrading”.

there were cracked walls, leaking roofs, poor sanitation, lack of running water and broken down air conditioners and other infrastructure. Court recording systems have all broken down, forcing judges to revert to long hand as a way of recording thereby frustrating the speedy adjudication of cases,” the GBA statement noted.

This the GBA explained compromise the security of court documents.

The GBA also noted that the crisis has caused  some regional courts to suspend sittings thereby forcing litigants and lawyers to travel all the way to the capital which itself is overburdened with cases.

The Ghana Bar Association further called on President Mahama to ensure that the budgetary allocation due to the Judiciary is released ”forthwith” in accordance with the constitution.

Speaking on Eyewitness News on Wednesday, Public Relations Officer of the GBA, Tony Forson said ”this will enable the sorry living and working environment of judges to be rectified to give them [judges] a conducive environment to live and work and administer justice without fear or favour. ”

The GBA also complained that the 15 percent internally generated fund retained by the judiciary is ”grossly” inadequate for third arm of the state to perform its mandate in all ten regions.

”The GBA calls on Parliament, without further delay to increase the percentage of the internally generated funds, from 15% to 75%,” the statement on the state of the judiciary delivery system added.

The Judiciary is not the only institution which has had to suspend business over unpaid subvention. Reports indicate that Parliament had to suspend resumption of business for the same reason.

Some public sector workers have also threatened strike over unpaid allowances and salaries.

 

By: Evans Effah/citifmonline.com/Ghana

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Judicial Council will punish staff if… – CJ https://citifmonline.com/2014/05/judicial-council-will-punish-staff-if-cj/ Fri, 09 May 2014 05:30:43 +0000 http://4cd.e16.myftpupload.com/?p=17358 The Chief Justice Mrs Georgina T. Wood says the Judicial Council will not hesitate to bring appropriate disciplinary proceedings against any member of the judiciary who fail to live by set standards. Speaking at the swearing in of 28 magistrates on Thursday in Accra, Mrs Wood urged the magistrates to approach their work with dedication […]

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The Chief Justice Mrs Georgina T. Wood says the Judicial Council will not hesitate to bring appropriate disciplinary proceedings against any member of the judiciary who fail to live by set standards.

Speaking at the swearing in of 28 magistrates on Thursday in Accra, Mrs Wood urged the magistrates to approach their work with dedication and diligence.

The magistrates, including 11 females, underwent a rigorous recruitment process conducted by the Examination Committee of the Judicial Service and Appointment Committee of the Judicial Council.

Mrs Wood noted that the adversarial court system and processes that the country has adopted are already known to be drudgery.

“It is therefore your duty to dispose off cases before your courts in a just and timely manner so that litigants can leave your courts happy, that justice has not been denied them. That way, you will have protected and advance the cause of meaningful justice,” she added.

Mrs Wood announced that in June, the Judiciary would be inaugurating new Circuit Courts at Amasaman and Ashiaman to serve the people of Ga West and Ashiaman.

New district courts are also going to be established at Teshie, Weija, Prampram and Kasoa to meet the justice needs of the people.

In addition, three district courts are to be established in Kumasi and Asokwa in the Ashanti Region, she added.

The Chief Justice appealed to the Municipal and Metropolitan Assemblies to include accommodation for judges in their master plans so that they could work in a conducive environment.

Mrs Wood told the magistrates that their integrity and moral uprightness should be unquestionable, adding: “Observe proper conduct and avoid all manner of impropriety.”

She tasked them to administer justice impartially in relation to all manner of people, especially those who cannot afford the services of lawyers and also admonished them to be abreast of the law by studying and researching into laws by participating in the continuing judicial programmes.

Ms Cynthia Lamptey, Acting Director of Public Prosecution, who represented the Minister of Justice told the magistrates that Ghana has adversarial system of justice and urged them to be impartial decision makers.

“In this era of many radio and pocket lawyers, know that your judgment and ruling will be subject of interpretation and analysis, some well-meaning, others ill-intentioned, some constructive and others personal,” she noted.

Ms Lamptey said as magistrates, they are pillars of the entire justice system hence the public has the right to demand from them irreproachable conducts.

To family members of the Magistrates, Ms Lamptey asked them to lessen their pressure and expectation on them saying, “if you persist on making financial demands they might not return with their reputation or job intact.”

“Flee from influence peddlers, bribes, politics and dictate of ethnicity, religious partisanship and anything that would discredit you,” she said.

Mr Peter Zwennes, Vice President, Ghana Bar Association, commended the magistrates particularly the young ones for treading into the profession at the early stages of their career.

He observed that at the bench there are just rewards for good judges, so they must at all times eschew corruption in any form.

Mrs Elizabeth Ankumah, Vice President of Association of Magistrates and Judges of Ghana, asked the new magistrates to protect the rights of juveniles as their interests are paramount.

 

 

Source: GNA

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