Public Interest Accountability Committee

Status Of Recommendations

Finding Recommendation Responsibility Status Comments
4. SOPCL Reporting (Refer to 2012 PIAC Semi-Annual Report)
SOPCL has not been reporting transactions in the right format as is being done by the Jubilee partners The quantity of crude oil lifted from the Saltpond fields and their sales price should be provided in the public reports in the right format to facilitate monitoring of petroleum receipts Saltpond Offshore Producing Co. Ltd (SOPCL) SOPCL submitted a copy of its Unaudited account for 2013, 2014 and the first half of 2015 to PIAC which provided information on liftings and sales prices, among other things. There are still some discrepancies in the figure produced by SOPCL vis-à-vis those provided by the MoF and GNPC. Further clarification is being sought.

 

Finding Recommendation Responsibility Status Comments
5. Determination of Benchmark Revenues (Key Finding 5 of  2013 Annual Report)
Actual petroleum revenue exceeded projected revenues by nearly 46%. This raises further questions about the determination of the Benchmark Revenue. The MoF and other stakeholders should be supported and encouraged to attain higher accuracy in price forecasting. Also closer attention must be paid to the assumptions that go into the determination of the Benchmark Revenue. MoF/GRA/BOG Section 17 of the PRMA has been amended to allow the Minister of Finance to vary the Benchmark revenue as and when necessary within any financial year.  

 

Finding Recommendation Responsibility Status Comments
6. Allocation of ABFA (Key Finding 14 of 2013 Annual Report)
The Capacity Building priority area appears to be a category under which certain expenditure items which may not be related to capacity building have been classified. The government should endeavour to focus its expenditure under the capacity building priority area on interventions that will directly enhance the capacity and capabilities of Ghanaians to play a bigger role in the emerging oil and gas industry Ministry of Finance There was no expenditure in this priority area because the only project – SME Projects Incubation Facility – earmarked for implementation in 2014 at an estimated cost of GH¢59.57 million (US$27.08 million) was not started due to the non-disbursement of the CDB component. The decision to focus on one project in 2014 is commendable even though the project never got started.