Public Interest Accountability Committee
PIAC CALLS FOR REVIEW OF GNPC ACT
News Date : 31st October 2019

The Public Interest and Accountability Committee (PIAC) has called for a review of the Ghana National Petroleum Corporation Act, 1983.

PIAC explains that a review of the Act will better define the mandate of the Ghana National Petroleum Commission (GNPC).

Making recommendations in their Semi-Annual Report on the management of petroleum revenues for the first half of 2019, the Committee stated that some functions performed by GNPC in the past, like data respiratory and providing technical advice to the minister, have now been assigned to the Petroleum Commission, hence the need to review the Act.

The report also revealed that average daily production and field input were affected because of a 14-day shut-down period set for maintenance work and inspections.

PIAC also urged the GNPC to proactively plan to respond to cash calls when they are made in order to avoid the cost of borrowing.

The Semi-Annual Report was published on Wednesday, October 30 in fulfilment of Section 56 of the Petroleum Revenue Management Act (PRMA), 2011 (Act 815).

Although it was released later than the expected date, the committee explains that the delay was due to the Finance Ministry’s failure to respond to the committee’s request for data on time.

 

Source : Myjoyonline.com