Public Interest Accountability Committee

Status Of Recommendations

Finding Recommendation Responsibility Status Comments
1. Investment of the Ghana Petroleum Funds(Refer to 2012 PIAC Annual Report)
The investment of the GPFs has not as yet yielded high returns, which is of great concern to the PIAC since a continuation of this trend is likely to slow the growth of the Funds, especially the GHF The Government must release the Policy and Guidelines to assist the Fund Managers to better manage these funds as required by the PRMA, 2011 Investment Advisory Committee &Ministry of Finance Recommendation is yet to be fully implemented The PIAC in its 2013 Semi-Annual Report urged the MoF and the IAC to expedite action on this recommendation. The Minister acknowledged this fact (of low returns on investment) in the 2014 Budget but very little appears to have done about it.

 

2. Enactment of Regulations (Refer to 2012 PIAC Annual Report)
After three years of the coming into force of Act 815, the regulations that will help with the implementation of the law are long overdue. The PIAC calls for expedited action to be taken to complete the drafting of the regulations for the approval of Parliament. Ministry of Finance The regulations are now being developed. The process towards the development of the Regulations has resumed following its suspension during the amendment of the PRMA.

 

3. Legislation on funding for the PIAC (Refer to 2011 PIAC Annual Report)
There is no provision in Act 815 for the funding of the PIAC and the Petroleum Commission. A section of the Act must be introduced to cater for the funding of the PIAC and the Petroleum Commission to enable them carry out their respective mandates. Ministry of Finance Section 57 of the PRMA amended and provides for the Committees budget to be taken directly from the ABFA Government must ensure prompt and timely release of the PIAC budgetary allocation upon request