Findings from petroleum assessments to be shared with public institutions
PIAC calls for benchmarking assessment of performance of relevant institutions
The Public Interest and Accountability Committee (PIAC), wants a timely assessment of Ghana’s management and use of petroleum revenues.
PIAC noted that this will help identify areas of strength and weakness to strategize for the future.
The call comes after a decade of the implementation of the Petroleum Revenue Management Act (PRMA).
The assessment PIAC is calling for will include an “assessment of the performance of the institutions assigned duties by the PRMA for the past decade and evaluation of the socio-economic impact of the management and use of petroleum revenue on the development of Ghana.”
Dr. Emmanuel Y. Tenkorang, however, noted that findings from the assessment will be shared with government institutions, and key stakeholders, including the International Oil Companies (IOCs), Civil Society Organisations (CSOs), and development partners, the media, and the public.
The key assessment according to him, will include benchmarking assessment of the performance of relevant institutions, petroleum production, and sales, revenue collection and management, revenue distribution, allocation and utilization, Annual Budget Funding Amount, management and performance of Ghana Petroleum Funds (GPFs), and revenues allocated to the Ghana National Petroleum Corporation.
“Ghana’s Model Petroleum Agreement (2000) has been modified over time and culminated in the modified/updated Model Petroleum Agreement (2019). Unlike the earlier ones, the latter petroleum agreements do not contain freezing stabilization clauses. This positive development allows the state and investors to renegotiate contract terms as economic conditions necessitate. There is, however, the need to ensure that a material change has been well-established before changes are made to a petroleum agreement”, he outlined further.
Public Interest and Accountability Committee (PIAC)