3 months ago
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The Public Interest and Accountability Committee (PIAC) has emphasised the need for the committee to be granted prosecutorial powers, to enable it to enforce its recommendations, and prosecute individuals found to have mismanaged oil revenue funds intended for development projects.
The committee currently only makes recommendations on the “mismanagement and abuse of oil revenue” and relies on Parliament to enforce the implementation of these recommendations which has not deterred abuse of oil revenue.
The Civil Society Organisation (CSO) Representative on PIAC, Mr Richard Ellimah, made this statement during a media engagement in Ho in the Volta Region on PIAC’s activities, and the role of citizens in ensuring the judicious use of oil revenue for development.
He revealed that projects intended for specific communities were being relocated to other areas without PIAC’s knowledge, describing it as unfortunate, noting that PIAC lacks the legal authority to sanction those responsible for misplacing projects.
He also pointed out that, despite Ghana’s wealth of minerals mined for decades, there had been no regulation on how mining revenues should be used, depriving the country of necessary funds for development over the years.
Mr Ellimah suggested that merging oil revenue management with that of other mineral resources, such as gold, would ensure that both oil and mineral revenues were efficiently used for the benefit of the citizenry.
He stressed the importance of having “more legacy projects funded by oil revenue” and criticised the current practice of inadequately sharing oil revenue and combining it with other funding sources, stating that “this approach is ineffective.”
He expressed satisfaction with the use of oil revenue to fund the Free Senior High School (FSHS) programme, noting that it benefited all Ghanaian children without discrimination.
The Finance Manager of PIAC, Mr Francis Andah said the committee had recommended reforms to improve “governance, accountability, and the effectiveness” of petroleum fund management.
He added that public education on PIAC’s activities and the use of petroleum revenue has been intensified.
Mr Andah also reported that international oil companies (IOCs) in the mining sector had caused the country to lose $2,738,365.29 due to non-payment of surface rentals by the end of 2023.
He stressed that it is a matter of concern and that efforts should be made to ensure foreign mining companies pay their rentals before leaving the country.
He further emphasised the need for citizens to take a greater interest in how petroleum revenues are utilised.
He suggested labeling projects funded by oil revenue to increase transparency because communities benefiting from oil revenue-funded projects were often unaware that the funding came from oil revenues.
