By The Public Interest and Accountability Committee (PIAC) has advocated for the implementation of a comprehensive national development plan to effectively guide the allocation of budgeted funding amounts (ABFA) to maximize their impact.
Mr. Edward Yaw Afriyie, a PIAC committee member, emphasized the pivotal role PIAC plays in promoting transparency and accountability in the management of petroleum revenue in Ghana. He added that challenges, such as the lack of enforcement mechanisms and the decline in oil production in existing fields, persist.
Mr. Afriyie made the call during a presentation of the 2023 PIAC Annual Report at a media engagement held in Sunyani, which was attended by media personnel from the Ahafo, Bono, and Bono East Regions.
The engagement sought to foster collaboration between PIAC and media professionals in the three regions to bolster public awareness and engagement with PIAC’s activities.
Mr. Afriyie highlighted PIAC’s recommendation that the selection of ABFA priority areas should align with a long-term national development plan approved by Parliament in accordance with the Petroleum Revenue Management Act (PRMA) of 2011, Act 815.
He noted that the Committee had urged the Ministry of Finance to demonstrate the significance of prioritization by allocating a substantial portion of ABFA to the Industrialization priority area.
Furthermore, he emphasized the Finance Ministry’s responsibility to guarantee that the ABFA allocated to the District Assembly Common Fund is utilized in strict accordance with the provisions outlined in the PRMA.
Mr. Afriyie underscored that crude oil production saw a continued decline for the fourth consecutive year in 2023, dropping from 71.44 million barrels in 2019 to 48.25 million barrels in 2023, marking an average annual decline of 9.2 percent.
In response, he urged the government and pertinent regulatory bodies to implement essential measures to reverse the production decline in existing oil fields and to stimulate investments in untapped fields.
Nana Kwaku Dei, the Nkosuohene of Pakro and Chairman of the Public Affairs and Communications Sub-Committee of PIAC, called upon the media to utilize their platform effectively to hold governments accountable for the proper utilization of public funds.
