The Public Interest and Accountability Committee (PIAC), has said there are ongoing engagements with the Ministry of Finance towards reviewing its Act to allow for prosecutorial powers in the management of petroleum revenues.
Since its establishment, PIAC has not been given prosecutorial powers to make the committee responsible for prosecuting persons who mismanage or misappropriate oil and petroleum revenues.
Chairperson of PIAC, Professor Kwame Adom Frimpong, said the Committee recently presented a proposal to the Ministry of Finance demanding for its Act to be reviewed to allow for implementation of prosecutorial powers.
Speaking with journalists on the sidelines of launching its new communications tools in Accra on August 16, Prof. Adom-Frimpong said, “I’m sure the ministry of finance will do something about reviewing the Act to allow for prosecutorial powers in the management of our petroleum revenues”.
“Apart from the media which serves as a solution to our problems, Parliament will occasionally take up some matters in the management of our petroleum revenues but you know the political components enshrined in the whole system”.
He however noted although there are no timelines set out yet for the amendment of PIAC’s Act, it remains optimistic that the process will be completed by the end of this year.
Established in 2011 under section 51 of Act 815, PIAC has three main objectives which includes monitoring and evaluating compliance with the Act by government and relevant institutions, providing space and platform for public debate on management and use of oil proceeds and providing independent assessment on the management of petroleum revenue as it assists parliament and the Executive in their oversight functions.
