2016 PIAC report in final stage

Mr. Kwame Jantuah- Vice Chair, PIAC
By: Fred Yaw Sarpong
sarpong007@gmail.com

The 2016 report of the Public Interest and Accountability Committee (PIAC) on the management of the petroleum funds from Ghana’s crude oil is in its final stage.

According to PIAC, the draft will be ready in a week time after which the tech - nical team of PIAC will review the content of the final report.

The 2016 PIAC report will take into consideration the quantity of barrels of crude oil Ghana National Petroleum Company (GNPC) lifted on behalf of the country during the year.

The report will also publish the amount of revenues accrued from the sale of Ghana’s quota of crude oil from the Jubilee Field and TEN, including the sale of gas managed by the Ghana National Gas Company.

The committee is established under the Petroleum Revenue Management Act, 2011 (Act 815) mandated to monitor the use of funds generated from Ghana’s crude oil.

Mr. Kwame Jantuah, the Vice Chairman of the committee said his outfit has been producing semi-annual reports and full year reports for the past years, indicating amount of money channeled through the Annual Budget Funding Amount (ABFA), Stabilization Fund (SF) and the Heritage Fund (HF).

According to him, what the committee has started doing is to track government projects which are supposed to be financed by oil revenue to identify whether they are been implemented.

This year, the committee is expected to monitor about forty (40) projects in three regions which are been finance by oil funds. The regions are the Greater Accra, Eastern and Volta Regions.

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