Public Interest Accountability Committee

News

PANDEMIC STALLS US$325M PETROLEUM PROJECTS IN 2020
28th April 2021

The coronavirus pandemic stalled upstream petroleum projects worth US$324m that were in the exploratory and appraisal stages, the Public Interest and Accountability Committee (PIAC) has revealed in its 2020 annual report. The petroleum revenue...

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OIL COMPANIES OWE US$2.1M IN SURFACE RENTALS
23rd April 2021

Some international oil companies (IOCs) have defaulted in the payment of surface rental fees to the state, accruing arrears to the tune of US$2.11m in 2020. The amount represents a 34 percent increase over the arrears outstanding in 2019 of...

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PIAC ADVISES FINANCE MINISTRY ON PETROLEUM REVENUE
23rd April 2021

The Public Interest Accountability Committee (PIAC) has asked the Ministry of Finance to ensure that the priority areas selected for the Annual Budget Funding Amount (ABFA) disbursement are approved by Parliament before implementation, as required...

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PANDEMIC DRIVES DOWN PETROLEUM REVENUES BY 31%
22nd April 2021

Total petroleum revenues accrued to the Petroleum Holding Fund (PHF) from Royalties, Carried and Participating Interest (CAPI), Corporate Income Taxes (CIT), Surface Rentals and income earned declined to US$638million in 2020 from US$925million in...

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DON’T USE ABFA TO FILL EXPENDITURE GAPS – PIAC TO GOVERNMENT
22nd April 2021

The Public Interest and Accountability Committee (PIAC) is kicking against the use of the Annual Budgeting Funding Amount in filling expenditure gaps in times of revenue shortfall in the budget. According to PIAC, the practice is rather the...

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OIL COMPANIES OWE GHANA GROUND RENT ARREARS TO THE TUNE OF $2.1M IN 2020 – PIAC
21st April 2021

Some oil companies operating in Ghana owe the country surface rental payment arrears to the tune of $2.1 million in 2020, representing a 34.71 per cent increase over the 2019 arrears of $1.5 million, according to the 2020 Public Interest and...

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