The Public Interest and Accountability Committee says it is partially satisfied with the projects executed with petroleum funds since 2011.
It therefore wants government to do more to judiciously use petroleum funds to boost infrastructure across the country.
According to PIAC, the natural resources will finish some years to come, thus the country must make maximum and prudent use of the petroleum funds.
Chairman of PIAC, Professor Kwame Adom Frimpong told Joy Business there is no time left for the country to boost its infrastructure with the petroleum funds.
“The projects which have been shown to us and which we have inspected is quite okay, but we need to do more because when we got to know that we have the petroleum, we were all happy”.
He further noted that “we're expecting more. So the little we've done I won't say we're not doing bad, but at least the little resources or retail revenue that may come in, just to ensure that we utilise it and can pinpoint that this revenue we got from petroleum production; this is what it has been used for.
PIAC 2020 Annual Report recommendations
In its recommendations in the 2020 Annual Report, PIAC kicked against the use of the Annual Budgeting Funding Amount in filling expenditure gaps in times of revenue shortfall in the budget.
According to PIAC, the practice is rather the purpose of the Ghana Stabilization Fund.
It said “as detailed in the Committee’s 2019 Annual Report, the Committee reiterates that the ABFA should not be spread thinly, in accordance with Section 21 (1-3) of the PRMA.”
Other recommendations by the report are the need for the Ghana Revenue Authority as a matter of urgency, initiate action to recover Surface Rental Arrears with the appropriate interest, as provided for in the Petroleum Revenue Management Act as well as the Ministry of Finance ensuring that priority areas selected are approved by Parliament before implementation, as required by Section 21 (5) of the PRMA.
Latest Stories
-
Bawumia mobbed in Ejisu at John Kumah’s one week funeral observance
5 mins -
We have a stable national grid; outages due to localised faults – ECG
59 mins -
Easter celebration: Ghana AIDS Commission to distribute free condoms in Kwahu
1 hour -
Zeepay secures additional $3m from Verdant Capital Hybrid Fund
1 hour -
Over 70% of power outages were due to planned maintenance works – ECG to PURC
1 hour -
Access Bank partners Horseman Shoes to boost local shoe manufacturing industry
2 hours -
Election 2024: Don’t vote for candidates making empty promises – CDD to Ghanaians
2 hours -
IGP shares Easter safety tips on Adom FM’s ‘Ofie Kwanso’
2 hours -
Ebo Whyte offers fully-funded trip as he unveils new play ‘Dubai or No Sex’
2 hours -
Ancient culture of Anlo Kingdom: Exploring “Torkor Atorlia,” the fifth landing stage’s old ways of punishment
3 hours -
Leaders from Saudi Arabia, Turkey, Botswana, Cameroon and Sierra Leone to lead discussions at Africa Finance Corporation’s (AFC) 4th Country & Stakeholder Symposium
3 hours -
Network International Delivers Strong 2023 Revenue growth at 15% y/y and free cashflow growth of 16% y/y
3 hours -
President Akufo-Addo extends Easter Greetings to Ghanaians, urges safe drive
3 hours -
Government pushes for use of more local materials in housing, other infrastructure projects
4 hours -
Dr Bawumia extends Easter greetings to Christians
4 hours