Deputy Minority Leader calls for review of Petroleum Management Act

Kofi Armah Buah, the Deputy Minority Leader, has called for an immediate review of the Petroleum Management Act to make way for a more proper plan on how to spend the oil revenue.

According to the Member of Parliament for the Ellembelle Constituency, the current Petroleum Management Act gives the Finance Minister too much space to allocate revenues generated from the oil deposit.

Kofi Armah Buah said the rate at which the Finance Minister is going, if not checked, will have a detrimental effect on future generations, hence the need for a review to limit the powers of Ken Ofori Atta on how he will handle the oil revenue.

“We decided to divide the oil revenue into three funds: the Heritage Fund, the Stabilisation Fund, and the ABFA Fund, and the Minister of Finance is the one who always decides on how to use it even though there are restrictions.”

“But we have been spending the oil revenue for the past 13 years, and there is nothing to show for it, and that is why we need a new law that will state clearly what the oil proceeds must be used for. We can decide to use it for roads or railways so that when the oil is depleted, we will know that we used it for A and B,” he said as aired on Rainbow Radio Accra.