Public Interest Accountability Committee

Status Of Recommendations

Finding Recommendation Responsibility Status Comments
6. Utilization of ABFA (See Key Conclusion Section in 2014 Annual Report)
ABFA allocation spread too thinly thereby making it less impactful Urgent need for the ABFA to be better-targeted and well-focused so as to help maximize its effectiveness and impact in the socio-economic development of Ghana hence a call for a national dialogue/debate on how best the nation could derive the most benefits from its hydrocarbon resources. Ministry of Finance In 2016 and 2017, the number of projects funded from the ABFA has been substantially  reduced (see copies of 2016 and 2017 reports)in response to this recommendation. It is very important that a proper evaluation of the ABFA funded projects is carried out as soon as possible to inform the prioritisation of the ABFA funding in subsequent years.

 

Finding Recommendation Responsibility Status Comments
14. Investment of Unutilised ABFA Funds (See Finding 24 of 2014 Annual Report)
Fifty-five percent (55%) of total ABFA allocation in 2014 was not utilised. This money remained in the ABFA account until it was eventually swept by the BOG at the end of 2015 Guidelines must be developed to ensure that interest is earned on any unutilised funds be it on the balances of ABFA or those set aside for specific purposes in any financial year. Mof / BoG/IAC No action has been taken as yet  

 

Finding Recommendation Responsibility Status Comments
16. Refunding of Swept ABFA and Sinking Funds (Refer to Recommendation 1 of 2015 Semi-Annual Report)
Fifty Million dollar (US$50 million) advance by GNPC to the MoF remains unpaid    Government must endeavour to pay the US$50 million special advance given to it by GNPC in 2014 to help improve the capitalisation of the State Oil Company as well as forestall a situation where it becomes a regular practice by the GOG to be making such demands Ministry of Finance Payment still outstanding even though GNPC has been pursuing the MoF to pay.