Tag: ABFA
-
2021 petroleum revenue forecasts pegged at US$886 million
Government is expecting to realize roughly US$886 million as petroleum revenue for 2021. This was announced by the caretaker Finance Minister and Minister of Parliamentary Affairs, Mr. Osei Kyei-Mensah-Bosnu during the 2021 budget presentation in Parliament on Friday, March 12, 2021. The amount is made up of royalties of US$201.0 million, Carried and Participating Interest…
-
Support health sector with more oil revenue – PIAC to Government
The Public Interest and Accountability Committee (PIAC) is calling on government and the Ministry of Finance to ensure efficiency in the use of petroleum revenue meant to fund projects under the health sector. According to PIAC, government has from the year 2011 to 2019 allocated an amount of GHS68 million to health care delivery in…
-
PIAC urges government to stick to chosen oil-funded projects
The Public Interest and Accountability Committee (PIAC) has urged government not to exceed funding beyond four priority areas as permitted by law. Per the Petroleum Revenue Management Act 2011 (PRMA), government can only fund four out of 12 listed priority areas for a three-year period to ensure effective and adequate funding. PIAC has, however, observed…
-
PIAC urges Parliament to restrict GNPC’s spending on CSR
The Public Interest Accountability Committee, PIAC, has reiterated its call on Parliament to put some restrictions on the Ghana National Petroleum Corporation’s budget allocated to Corporate Social Investments. At the launch of the 2019 annual PIAC report, Chairman of PIAC, Nobel Wadzah, among other things said GNPC has for the past ten years not raked…
-
Ghana Gas owes GNPC US$260 million for gas supplied – PIAC report
The first half year report on petroleum revenue management by the Public Interest and Accountability Committee, PIAC, has shown that Ghana Gas Company owes GNPC in excess of 260 million dollars for gas supplied. The issue, PIAC says continues to impact GNPC’s operations as well as other allocations that are to be made per law.…
-
VRA responsible for 98% of Ghana Gas’ debt stock – PIAC report
It has emerged that the Volta River Authority, VRA, alone is liable for almost ninety-nine (98.99) percent of the amounts owed the Ghana Gas Company by its suppliers. According to the 2018 annual report of the Public Interest and Accountability Committee, PIAC, the VRA owes Ghana Gas over two hundred million dollars as at the…
-
KITE demands prioritised spending of oil revenue
The Executive Director of Kumasi Institute of Technology and Environment (KITE), Ishmael Edjekumhene has warned, revenue generated from the country’s petroleum sector will have little impact on economic development if government is unable to prioritize key areas to invest such revenue. According to him, research conducted has shown that governments, over the years, have failed…