In a bid to promote transparency and accountability within Ghana’s petroleum sector, the Public Interest and Accountability Committee (PIAC), an independent body, is urging that projects funded by petroleum revenue should receive full funding from initiation to completion.
This proactive approach aims to prevent potential project stalls mid-stream, which often results in additional costs.
Mr. Isaac Dwamena, the Coordinator of PIAC, emphasized the committee’s stance on ensuring uninterrupted funding for projects supported by petroleum revenue.
“The Committee’s position is that they want to see more projects that receive funding from the Annual Budget Funding Amount (ABFA) from beginning to end so that there is a perfect attribution. We can attribute the project to petroleum as having funded it,” he stated.
PIAC believes that the co-mingling of petroleum revenues with other funds for projects that end up getting stalled for a long period does not reflect the prudent use of revenues for impact.
The committee is particularly concerned about the negative repercussions associated with projects facing interruptions, including financial implications and the potential negative impact on local communities.
Mr. Dwamena further highlighted PIAC’s reservations regarding the limited allocations of petroleum revenues to some ongoing infrastructure projects across the country.
He noted, “if you have a project that costs say GH¢1000 and petroleum revenue costs a GH¢100 it becomes difficult to attribute the project to petroleum revenue much as 10 percent of the funding is from petroleum revenue, so we want to see a greater percentage even if it’s not 100 per cent.
The Committee therefore urged the government to consider channeling adequate petroleum revenues to complete earmarked projects going forward.
The advocacy for full funding from initiation to completion underscores PIAC’s commitment to safeguarding the efficient utilization of petroleum revenue in Ghana and ensuring that projects supported by these funds are executed seamlessly for the benefit of the nation.
SOURCE: THE NEW FINDER