Business News of Tue, 19 Sep 20171
PIAC urges government to audit all projects funded by oil revenue
Public Interest and Accountability Committee, PIAC has called for a forensic audit of all state projects that were funded by revenues from the oil and gas production.
A member of PIAC, Dr. Steve Manteaw told JoyBusiness, “the time has come for government to do a forensic audit of all oil funded projects in this country and to bring to book anybody who has abused our common heritage which is the revenue derived from the extraction of this important resource.”
He said, “…I think when we do that it will serve as a deterrent for anybody who may be tempted to abuse oil revenue because he thinks there will not be any consequences for his actions.”
According to the Committee, this audit is critical due to how some funds were used in the last six years.
Dr. Manteaw said, “Some of the expenditures have been very frivolous. In 2012, some of the expenditures were clearly targeted at winning votes.”
The call is coming after a project inspection conducted by the Public Interest and Accountability Committee in the Eastern region revealed that some projects that were funded by revenue from the oil and gas sector were poorly delivered.
Dr. Manteaw said the Committee is not enthused with how some of the projects were delivered despite supervision from the government and state agencies.
The Public Interest and Accountability Committee is a statutory institution committed to ensuring efficient, transparent and accountable management of petroleum revenues and investments.