Gov’t sets up committee to manage petroleum revenue
Government has set up a committee; the Public Interest and Accountability Committee (PIAC) to manage Ghana’s petroleum revenue.
The 13-member committee was set up by an Act of Parliament establishing a regulatory framework for the management of petroleum revenues accrued from the petroleum sector.
The committee, chaired by former Internal Revenue Service boss, Major Daniel Sowah Ablorh-Quarcoo, is charged with the responsibility of monitoring and evaluating compliance with the Petroleum Revenue Management Act 2011, ACT 815 in the management and use of the petroleum revenues and investments
PIAC among other things is also mandated to provide a platform for the public to debate whether the use of revenues from the oil find conforms to Ghana’s development priorities.
PIAC chairman, Major explained that “PIAC is expected to put together and examine all pieces of information affecting all players involved in petroleum revenue management. We are to analyze, evaluate and scrutinize the performance of these institutions in such a manner as to ensure high standard of efficient and effective outcomes from each of them.”
The committee members are currently undertaking capacity building programmes to enable them understand to a reasonable degree, matters involving the oil and gas industry.
So far the committee has received technical presentations from Jubilee Operator Tullow, the Ghana national Petroleum Corporation GNPC, the Ghana Revenue Authority and the Finance Ministry.
By: Aisha Ibrahim, e.tv Ghana
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