President Nana Addo Dankwa Akufo-Addo has commended the Public Interest and Accountability Committee (PIAC) for effectively monitoring and evaluating the management and prudent use of the country’s petroleum resources since its establishment, September 2011.
Public Interest Accountability Committee (PIAC), established under section 51 of Ghana Petroleum Revenue Management Act, 2011, (Act 815) is to provide independent oversight over the collection and allocation and utilisation of Ghana’s petroleum revenue.
Since its establishment in September 2011, PIAC has effectively exercised its oversight responsibilities at monitoring and evaluating the management of Ghana’s petroleum resources by the government of Ghana and stakeholder institutions in the sector.
President Akufo-Addo said as set out in its mandate, PIAC “has succeeded in this endeavour and I applaud on behalf of Government and the people of Ghana, and successful heads and members of PIAC for this.”
Speaking at the celebration of PIAC’s 10 years since its establishment on Wednesday, President Akufo-Addi assured that the government was fully committed to supporting PIAC and would help it ensure petroleum revenues were well managed for the benefit of all Ghanaians.
He said relations between PIAC and the government had been stronger than, citing for example that in 2020 GH₡3,1 million was released to PIAC with over GHc₡2.3 million set to be released this year (2021), despite the COVID-19 pandemic.
The timely release of its budgetary allocation, the President indicated, helped PIAC used part of the money to procure a permanent office at East Legon in Accra, which brought an end to its frequent evictions by landlords.
President Akufo-Addo said one major matter that has to be addressed is the issue of delayed transmission of information between PIAC and the Ministry of Finance, emanating from the distortions in the deadline schedules of the reporting obligations of the two institutions.
According to section 51 of the Petroleum Management Act, 815, PIAC is expected to produce two reports every year — the first by 15th March and the second 15th September.
That, he said, had sometimes brought about needless controversies “which in my view had not been helpful,” and said an amendment to the relevant provisions in the Petroleum Management Act, could help resolve the situation.
President Akufo-Addo urged PIAC and the Finance Ministry to rekindle the holding of their quarterly meetings to ensures that issues of mutual respect interest and concerns are address through dialogue.
For his part, Prof Kwame Adu Frimpong, PIAC’s Board Chairperson, said the institution had made significant contributions to improve the country’s oil and gas revenue management, as well as its role at legitimising the government’s commitments to good governance in the oil and gas sector.
Rex Mainoo Yeboah, ISD