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De-link oil revenue funded projects from others - PIAC


De-link oil revenue funded projects from others - PIAC

Ho, Nov 30, GNA - The Public Interest and Accountability Committee (PIAC) has asked governments to de-link oil-revenue funded projects from others, so that they can be easily traced.

Major Daniel Sowa Ablorh-Quarcoo (retired), PIAC Chairman made the call when he reviewed the Committee™s Report on Management of Petroleum Revenues for the Year 2012, at a public forum in Ho on Thursday.

He said such de-linking would make monitoring and evaluation of jobs done with funds realized from Ghana™s petroleum less burdensome.

PIAC, with representatives of a cross-section of Ghanaians, was set up to evaluate the management and spending of revenue from petroleum based on the Petroleum Revenue Management Act.

Major Ablorh-Quarcoo said the 9 per cent of the petroleum revenue which according to the Act, is to be put aside into a heritage fund, is a vital safeguard for national economic stability.

He said it has worked for Norway, where a similar fund kept aggregating over the years, and now a huge source of investable funds.

Mrs Angela Piassah, a PIAC member observed that the forums were very important, because the public should track how governments utilize monies.

Mr Ismael Edjekumhene, a Nominee of Civil Society Organizations (CSOs) and Community Based Organizations (CBOs), stressed the need to ensure modes of spending.

Nii Laryea Afotey-Agbo Volta Regional Minister in a speech read for him said the forums were important to enable people express views about issue on petroleum fund management


Source: GNA Story (https://ghananewsagency.org/economics/de-link-oil-revenue-funded-projects-from-others-piac--67941)
Published: 2013-11-30 01:29:34
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