De-link oil revenue funded projects from others - PIAC

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