Public Interest and Accountability Committee (PIAC), an oversight petroleum revenue management body has launched its five year strategic plan at a ceremony in Accra.
The strategic plan according to Professor Paul Kingsley Buah-Bassuah, the outgoing Chairman of the Committee was developed to ensure continued success for its operations in fulfillment of PIAC’s core mandate as spelt out in the Petroleum Revenue Management Act 815 (2011) as amended by Act 893 (2015) in addition to carrying out interventions to secure the maximum benefits from petroleum revenues for all Ghanaians.
The strategic plan, he said, would also provide PIAC with a framework to prioritise its actions and evaluate its performance. The strategic planning process he adds had been designed to ensure that PIAC achieve excellence in the face of initial financial challenges.
Professor Buah-Bassuah noted that PIAC initially faced a substantial and growing structural deficit in its operations which also reflected a funding gap and logistical constraints that the law establishing it did not make explicit until it was amended.
He explained that the oversight petroleum revenue management body is embarking on a comprehensive strategic planning process in a bid to re-examine the fundamental structures and processes of the institution in order to ensure transparent and accountable monitoring of petroleum revenues.
He said “we need to evaluate how best to report effectively to the public so as to maintain excellence as an institution”. The strategic plan, he opined, articulates a bold aspiration for the transparent and accountable utilization of the petroleum revenues particularly in the four priority areas outlined by the PRMA as well as the various stakeholders had been playing in the management of the resource.
The strategic plan, he explained represents a good summary of what he described as “standard practices” of the institution for a five year period in order to give a better plan of action. The five year plan, he mentioned also intends to engage, motivate and encourage various stakeholders in support of PIAC’s work plan