Tag: PIAC
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Ghana’s oil production declines for the third consecutive year – PIAC
Ghana has for the third consecutive year seen a decline in crude oil production according to the 2022 Public Interest and Accountability Committee’s (PIAC) annual report. 71,439,585 barrels were produced in 2019 but declined to 66,926,806 barrels in 2020 representing a 6.32 percent drop. It further declined to 55,050,391 barrels in 2021 (17.75%) and then…
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Less than a quarter of petroleum revenue earmarked for industrialization – PIAC
Only a tiny fraction of the petroleum revenue earmarked for priority areas under the Annual Budget Fund Amount (ABFA) was allocated to the industrial sector in 2022. Out of the total GH¢4.41 billion of petroleum revenue, only GH¢9.29 million (0.20% of the total amount disbursed under the ABFA and 4.29% of the GH¢216.3 million budgeted…
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PIAC report: Slowdown in oil production in Ghana worrying – COPEC
Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, according to a report by the Public Interest and Accountability Committee (PIAC). This is the highest revenue generated since the inception of oil production in the country, despite a dip in the number of oil barrels drilled in Ghana’s three oil fields. Reacting…
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GNPC’s expenditure increased by more than 200% in 2022 – PIAC report
The Ghana National Petroleum Corporation’s expenditure on various line items, mainly administrative expenditure and capital projects, has witnessed significant increases by more than 200 percent, according to the 2022 Annual Report by the Public Interest and Accountability Committee (PIAC) on government’s oil revenue. Despite petroleum revenues recording a historic high in 2022, PIAC recommends that…
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Ghana’s oil production drops by 6% but revenue hits record high in 2022
Ghana’s petroleum industry generated a record revenue of US$1.43 billion in 2022, the highest since the inception of oil production in the country. This was despite a dip in the number of oil barrels drilled in Ghana’s three oil fields –Jubilee, Tweneboa, Enyera, and Ntomme (TEN) and Sankofa, Gye and Nyame (SGN). This was contained…
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PIAC advocates operationalization of Accra railway lines
The Public Interest and Accountability Committee (PIAC) has charged the government to empower the Ghana Railway Authority to operationalize the railway lines in Accra to rake in the revenues needed for the country’s development. The committee made this call during its inspection of some projects partially funded with oil money in the Greater Accra Region.…
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Finance Ministry inaugurates PIAC and PPA Boards
Mr John Kumah, the Deputy Minister of Finance, has urged the newly inaugurated board members of the Public Interest and Accountability Committee (PIAC) to execute their mandate to ensure that citizens benefit from the exploitation of petroleum resources. Mr Kumah said, “your appointment is a call to public service, and I am confident that you…
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COVID-19 affected upstream oil and gas sector in 2020 – PIAC
The Public Interest and Accountability Committee (PIAC) says the outbreak of the COVID-19 pandemic and its associated shocks on the economy and major industry actors proved challenging to upstream oil and gas operations in 2020 compared with 2019. PIAC said the outbreak and effect of the COVID-19 pandemic brought some uncertainties in the global upstream…
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Revive quarterly meetings with Finance Ministry – Akufo-Addo to PIAC
President Akufo- Addo has charged the Ministry of Finance and the Public Interest and Accountability Committee, PIAC, to revive their quarterly meetings which have been on hold for some time now and dialogue for better management of the nation’s petroleum resources and revenues. According to him, the proceeds, if not well handled, will turn out…
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Government committed to supporting activities of PIAC – Nana Addo
President Nana Addo Dankwa Akufo-Addo has said the government will continually cooperate with the Public Interest and Accountability Committee (PIAC) to carry out its mandate. Speaking at the 10th-anniversary celebration of PIAC, President Nana Akufo-Addo said the government has given PIAC enough resources to implement its policies and programmes since 2017. The President was hopeful…