‘Be abreast of laws regulating petroleum revenue management’

Oil Barrels with Red Arrow isolated on white background. 3D renderGhanaians have been entreated to be abreast of the laws regulating the petroleum revenue management so as to ensure judicious utilisation of the petroleum resources in the country.

“This would enable all of us to track down projects being constructed with petroleum revenue, as well as hold government accountable to the use of the petroleum resources,” Yaw Owusu Addo, the Public Interest and Accountability Committee (PIAC), an independent monitoring body on petroleum revenue management, said at a stakeholders forum in Takoradi.

The forum, geared towards sensitising Ghanaians on the management of the country’s petroleum revenue, was organised by Friends of the Nation (FON), a Takoradi-based non-governmental organisation, in partnership with PIAC, and funded by OXFAM.

It was held on the theme: “Following the oil money: Informing citizens for better petroleum revenue management.”

He said the Petroleum Revenue Management Act, Act 815 of 2011, was a viable tool which Ghanaians needed to use to scrutinise government utilisation of the petroleum revenue, and also evaluate whether it was adhering to the tenets of the law.

He, therefore, entreated every Ghanaian to acquire a copy of the law, and study it in order to make meaningful contributions on the debate on the use of petroleum revenue, so that no individual or politician could throw dust into their eyes.

Mr. Addo, who represented the Ghana Journalists Association on the committee, disclosed that 1.833 billion dollars had been accrued to the country from the sale of petroleum resources, while 726.7 million dollars was expended in the annual budget between 2011 and 2013.

He advocated for a long-term national development plan which would serve as a development framework for the country, saying the plan would be adopted by any political party that would ever govern the country, in order to have smooth and uniform development.

Mr. Kwame Jantuah, also a member of PIAC, added that the development plan would target specific priority projects in the country, and channel the chunk of the petroleum revenue into their implementation.

Earlier, Mr. Solomon Kusi Ampofo, Extractive Industry Programmes Officer for FON, took participants through Ghana’s Petroleum Revenue Management Law, and entreated the citizenry to be vigilant with regards to the utilisation of the petroleum revenue.


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