Public Interest Accountability Committee

Status Of Recommendations

Finding Recommendation Responsibility Status Comments
7. Allocation of ABFA (Key Finding 15 of the 2013 -Annual Report)
An amount of GH¢72.55 million was reported to have been paid to the GNGC. However, the GNGC said they did not receive the said amount. Another GH¢13.27 million could not be linked directly to any project. The MoF should provide details of how an amount of GH¢85.82 million (made up of GHC72.55 million and GHC13.27 million) allocated to the ‘expenditure and amortisation of loans for oil and gas infrastructure’ priority area from the 2013 ABFA was utilised Ministry of Finance The MoF has explained that no payment was made to the GNGC in 2013 contrary to what had been reported in 2013 and that the entire GH¢137.02 million allocated to the Amortisation Priority areas was disbursed as matching fund for the CDB facility. The wrong description of the projects in the initial list of the projects given to PIAC was consequently corrected in the 2014 Reconciliation Report. PIAC is satisfied with the explanation given but urges the MoF to ensure that information released to Committee is accurate and devoid of errors.


Finding Recommendation Responsibility Status Comments
8. Ghana Petroleum Funds (Refer to 2013 Semi-Annual Report)
There are discrepancies in the figures reported by the Bank of Ghana and the Ministry of Finance (MoF) on the Ghana Petroleum Funds.  There is the need for reconciliation by the Ministry of Finance and the Bank of Ghana to ensure that the difference in the Ghana Petroleum Funds is accounted for in the ensuing period. Ministry of Finance/Bank of Ghana The end of year figures from the reports of the two organisations is in agreement. No Further Comment


Finding Recommendation Responsibility Status Comments
9. Thin Spreading of ABFA (See Key conclusions on the analysis of ABFA allocation in the 2013 -Annual Report)
ABFA funds stretched thinly over a wide range of projects thereby limiting its developmental impacts on the economy. The GOG should conduct an immediate evaluation of the effectiveness and impacts of all the projects and programmes that have been funded with revenues from the petroleum sector to help inform the citizenry and also provide the basis for spending allocations in the next priority area review period. The GOG should also prioritise and provide the necessary resources for the formulation of a non-partisan long-term National Development Plan to guide the efficient and effective utilisation of petroleum revenue Ministry of Finance In 2016 and 2017, the number of projects funded from the ABFA has been substantially  reduced (see copies of 2016 and 2017 reports)in response to this recommendation. It is very important that a proper evaluation of the ABFA funded projects is carried out as soon as possible to inform the prioritisation of the ABFA funding in subsequent years.