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Tag Archives: PIAC

No data on ABFA expenditure in PIAC report


The Public Interest and Accountability Committee, PIAC, is demanding sanctions for institutions that delay in submitting data for its reports. The Committee which has oversight responsibility in the management of petroleum revenue maintains that the development impacts adversely on its operations. The Chairman of the Public Interest and Accountability Committee, Dr. Steve Manteaw in an interview with Citi Business News ...

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PIAC probes GNPC over Takoradi assets & revenue losses


The Ghana National Petroleum Corporation (GNPC) has the next seven days to explain to the Public Interest and Accountability Committee (PIAC), circumstances surrounding the Corporation’s acquisition of properties in the Western region. The move has been viewed by some as a conflict of interest which flouts administrative rules. The Chairman of PIAC, Dr. Steve Manteaw explained to Citi Business News ...

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Saltpond Oilfield ‘wasting’ petroleum revenue – PIAC

Dr. Steve Manteaw - Chairman, PIAC

The Public Interest and Accountability Committee, PIAC, wants the Ghana National Petroleum Corporation (GNPC) to expedite processes to decommission the Saltpond Oil Production Company Limited. PIAC is alarmed at how the non functioning oilfield is still draining the nation’s meager oil resources and impeding other investments. The need to decommission the Saltpond oilfield forms part of ten themes on the ...

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KITE demands prioritised spending of oil revenue

oil block

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 to prioritize the use of ...

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Industry divided over reduced cost of gas

gas pipeline

There have been mixed reactions to government’s announcement of a 26% reduction in the cost of gas to businesses that rely heavily on the product. While industry has wholly welcomed the move, some industry analysts have cautioned against the outstanding debts facing institutions involved in the supply of gas. Citi Business News spoke to a couple of players involved in ...

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Govt cuts back expenditure on health, roads

Ken Ofori Atta - Finance Minister

Government is yet to disburse some GH¢305.27 million outstanding allocation to the Annual Budget Funding Amount for the first half of 2017. According to the Public Interest and Accountability Committee (PIAC), even though the ABFA received some GH¢358.41 million for the first half of the year, the government spent just GH¢53,136,951 or 15 percent of the amount. The issues were ...

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PIAC criticizes Finance Minister for breaching petroleum laws

Ken Ofori-Atta - Finance Minister

The Public Interest and Accountability Committee (PIAC) is alarmed at the absence of an Investment Advisory Committee in the management of Ghana’s oil revenue for 2017. According to PIAC, the situation means the Finance Minister, Ken Ofori Atta has breached Section 29 of the Petroleum Revenue Management Act, hence must work to resolve the situation. This is among the findings ...

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PIAC demands swift clearance of $ 2.4bn energy sector debts


The Public Interest and Accountability Committee (PIAC) has warned that the troubles confronting Ghana’s energy sector may deepen soon if the huge debts in the sector are not settled. PIAC argues that the debt owed particularly by the Volta River Authority (VRA), greatly affected operations for 2016 considering the declining global oil prices. In the Committee’s 2016 annual report, it ...

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NPP gov’t should pursue misappropriation of oil revenue – PIAC


The Public Interest and Accountability Committee (PIAC) wants the Nana Akufo Addo led administration to demonstrate its willingness to enforce the Petroleum Revenue Management Act (PRMA) and give value for money. In PIAC’s view, its work would yield the necessary results if government machinery acts on findings indicating instances of misappropriation. Though the Chairman of PIAC, Joseph Winful would not ...

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Prioritized expenditure to curb budget overruns – Former PIAC Chairman


A Former Chairman of the Public Interest and Accountability Committee (PIAC) Major Ablorh-Quarcoo (Retired) is asking government to prioritize its expenditure to avoid overspending budgets. According to him, the tendency of government to spend on unbudgeted projects must be stopped. The former PIAC Chairman cites how such behavior is impacting negatively on development across the country to make the point. ...

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