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The Public Interest and Responsibility Committee (PIAC) has reprimanded the Ministry of Finance for not providing again data on the Financing Amount of the Annual Budget for analysis and reporting.
This practice, he says, makes it difficult to reconcile disbursements and expenses and ultimately undermines the spirit of accountability as envisioned in the Petroleum Revenue Management Act.
In his latest 2020 Semi-Annual Report, he said, the accumulated indebtedness with the Ghana National Gas Company continued to rise to $ 942.2 million as a result of the breach of its obligations by its customers, a situation that it says is worrying.
Some of the report’s recommendations include PIAC’s call for Parliament to strengthen its oversight mandate over the Ministry of Finance, as well as the agreement between the Ghana National Gas Company and the GNPC on a payment plan on revenue from the Cash cascade mechanism. .
Some of the key findings of the report were that cumulative crude gas production increased significantly by 65%; the highest recorded semi-annual volume of gas produced since 2010 and $ 322 million of revenues from the Petroleum Exploitation Fund (PHF) for the period. This is a decrease of 11.32% compared to the previous year.
Others are the payment of $ 1.78 million to the Ghana National Gas Company (GNGC) under the Cash Cascade Mechanism to service its debt to the GNPC for the gas supplied.
But PIAC claims that there was no payment to GNPC and consistently the non-payment of gas revenues denies the Petroleum Holding Fund its due right.
PIAC has been publishing its Semi-Annual Report on the Management and Use of Petroleum Revenues since the nation began producing oil in 2010.
This is in compliance with Section 56 of the Petroleum Revenue Management.
Law (PRMA), 2011 (Law 815).
