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The Public Interest and Accountability Committee (PIAC) has said that 10 years is ripe for the country to do an introspection of how it has managed revenues from its oil resource.
Although PIAC has over the years raised critical issues relating to the management and use of petroleum revenues, it said was time to highlight all the issues in a single document to ensure that they were given urgent attention and commitment for redress.
Subsequently, an issue paper released by the committee catalogues a number of issues that need urgent attention in the petroleum revenue management space.
In an interview on May 6, 2021, the Technical Manager of PIAC, Mr Mark Agyeman, explained the paper sought to draw the attention of the appropriate authorities to deal with the issues.
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BY: Emmanuel Bruce
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he Public Interest Accountability Committee (PIAC) has asked the Ministry of Finance to ensure that the priority areas selected for the Annual Budget Funding Amount (ABFA) disbursement are approved by Parliament before implementation, as required by Section 21 (5) of the Petroleum Revenue Management Act (PRMA) (Act 815).
The PRMA provides 12 areas where the ABFA could be disbursed, and out of these, the Ministry of Finance is expected to select four of them after every three years. The areas selected must, however, be presented to Parliament for approval before disbursement.
The priority areas for disbursement expired in 2019 and as such the ministry had to select new priority areas for 2020-2022.
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