A Deputy Finance Minister, Dr John Kumah, has urged the Public Interest and Accountability
Committee (PIAC) to spearhead the call for a revision of existing petroleum agreements so that
Ghana can benefit more from its oil production.
He stated that while the government was keen on increasing the country’s stake in the
extractive sector, it had interest and limitations that make changing the terms of agreements
difficult.
“Some people have questioned why our interest in the extractive industries is limited to 10 per
cent or 20 per cent of the resources and not 55 per cent or 60 per cent.
When such issues are pushed vehemently and raised by PIAC, I believe as a nation we can see
changes in the terms. It is not easy based on the contract we have signed but everything is
possible once there is a will,” he said.
Dr Kumah made the call at the unveiling ceremony of a new PIAC logo, a redesigned website,
and a data dashboard.
The new logo incorporates features such as an oil rig, an oil drop, and the Ghana Cedi sign to
reflect the workings and purpose of PIAC.
It also features PIAC’s corporate colours of black, representing crude oil, and gold, which
signifies wealth.
The redesigned website also reflects the Committee’s attempt to intensify its public outreach,
improve the visibility of PIAC and its work, and take feedback.
The Data Dashboard is intended to allow the public to gain simple access to information about
Ghana’s petroleum sector.
It comprises an interactive platform that displays statistics on oil and gas production, receipts,
and how those revenues are allocated and distributed.
Mr Kumah stated that the Government saw PIAC’s activities as complementary to the nation’s
development in terms of the utilization and management of oil revenue.
“I do not think that government sees your contribution as a tango between what government
does and what you say. In the end, the objective is for the nation to do better with our oil
resources. Every criticism we make should be aimed at making the system better,” he said.
In an interview, the Chairman of PIAC, Professor Kwame Adom-Frimpong urged the
government to finance the Committee’s statutory activities to enable it to lead the push for
expanding Ghana’s oil stake.
Prof. Adom-Frimpong also said the Committee hoped to be granted prosecutorial powers
through the review of the Petroleum Revenue Management Act (PRMA) 2011, Act 815 to
ensure that it could enforce compliance with the PRMA laws.
GNA – August 16, 2023