GHC1.5 billion oil cash unaccounted for – PIAC alleges

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The Public Interest and Accountability Committee (PIAC) has disclosed that an amount of GHC1.5 billion petroleum revenue cannot be accounted for by the Finance Ministry for the period between 2017 and 2019.

This was contained in the Annual Report on the management and use of petroleum revenues for 2019 as required by Section 56 of the Petroleum Revenue Management Act, (PRMA), 2011, Act 815.

According to PIAC, the total amount of petroleum revenue meant to be spent as part of the Annual Budget Funding Amount (ABFA) for the 2019 fiscal year was GHC 2.7 billion. However, only GHC1.2 billion of this amount has been utilized and accounted for.

With that portion of the Petroleum revenue accounted for however, PIAC says there’s still an amount of GHC 1.5 billion which has not been utilised but is still unaccounted for by the Finance Ministry.

“The total Annual Budget Funding Amount (ABFA) available for spending in 2019 was in the region of GHC2.7 billion, out of which GHC1.2 billion was utilized, leaving a balance of (GHC1.5 billion) unutilized. For the third consecutive year, not only has a sizable proportion of the ABFA not being fully utilized,but it has also not been accounted for, impeding PIAC’s appreciation of the full scope of the accounting to the public on the utilization of our petroleum revenues,” portions of the report read.

With this finding, the committee is calling on Parliament to interrogate the issue and ensure that the Ministry of Finance account for the said funds.

“PIAC urges Parliament to bring its oversight mandate to bear on the Ministry of Finance’s impunity and failure in not accounting for unutilized ABFA. For the third consecutive year,  the actual ABFA has not been fully utilized and accounted for, bringing the total unutilized and unaccounted ABFA to GHC1.5 billion at the end of 2019,” PIAC stated as part of its recommendations.

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SourceABC News

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