Public Interest Accountability Committee
GHANA MADE US$6.2 BILLION FROM OIL PRODUCTION IN THE LAST 10 YEARS - PIAC
News Date : 10th December 2021

Ghana has derived US6.2 billion dollars from the exploration of oil from 2010 to June 2021.

According to PIAC, the Jubilee Oil Field produced 295 million barrels of oil, whiles TEN produced 70million and Sankofa produced 40million barrels of oil.

Also, GH¢9.9 million was the total revenue generated from the production of gas in the last 10 years.

Speaking during the coastal belt forum on 10 years of the management and use of petroleum revenue in Ghana, Chairman of the Public Interest and Accountability Committee (PIAC), Prof. Kwame Adom Frimpong, said the trend in the past few years shows that Ghana is doing quite well in the production of oil but the usage of the revenue should be checked.

He, however, added that PIAC will ensure that the laws governing the usage of oil in the country are duly followed.

“Petroleum revenues have been used to tackle too many national problems at the same time, weakening the potential impacts of oil revenues on the socio-economic development of Ghana," the PIAC Chairman said.

The Public Interest and Accountability Committee is a statutory committee established under section 56 of the Petroleum Revenue Management Act 2011(Act 815) to monitor and evaluate compliance with the Act by Government and relevant institutions in the management and use of petroleum revenues and investments.

PIAC also provides space and platform for the public to debate on whether spending prospects and management and use of revenues conform to development priorities as provided under section 21(3) and provide independent assessment on the management and use of petroleum revenues to assist Parliament and the Executive in the oversight and the performance of related functions.

This mandate according to the committee has been carried out in the last 10years since 2011.

Source : Ghanaweb