Business News of 2014-08-22

Ministry submits proposed amendments to Attorney General

The Ministry of Finance is making significant headway in revising the Petroleum Revenue Management Act (PRMA) to give realistic meaning to the 2011 Act 815 that regulates the inflows and utilization of the national petroleum revenue.

According to the Ministry, the amendment of the Act 815, which covers few provisions, addresses persistent public concerns and outcry on the law and its operationalization.

Dr Joseph Asenso, an Economist at the Energy, Oil and Gas Unit of the Ministry of Finance, said it had forwarded the draft on the proposed amendments to the Attorney General for study and advice.

He was addressing the opening session of a two-day workshop on the Petroleum Revenue Management underway at New Abirem.

It is being organized by the Civil Society Platform on Oil and Gas (CSPOG) with support from Star-Ghana and being attended by the steering committee members drawn from Brong-Ahafo, Volta and Ashanti, Eastern and Greater Accra regions.

The CSPOG is a civil society organization that works to advance transparency and accountability in the oil and gas as well as coordinate citizens’ voice and action in the sector.

Dr Asenso said the draft contained inputs and submissions collected from individuals and institutions such as the Ghana National Petroleum Commission, Petroleum Commission, Public Interest Accountability Committee, Bank of Ghana, Ghana Revenue Authority and the Ministry of Finance.

He said on approval from the Attorney General, the ministry would make the required changes in the draft if necessary and forward it to cabinet and subsequently put it before Parliament.

Dr Steve Manteaw, CSPOG steering committee Chairman, said he was optimistic that the proposed amendment would address concerns raised in the operation of the law.

Source: GNA
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