Mr. Richard Ellimah, a Member of the Public Interest and Accountability Committee (PIAC),has raised concerns about the current approach to spending petroleum revenue in Ghana.
He noted that the thin spread of these funds was not only diminishing the overall impact but also undermining the effectiveness of PIAC’s mandate to ensure that petroleum revenues were managed transparently and for the benefit of all Ghanaians.
Speaking during PIAC’s Zonal media engagement in Ho on Sunday (18th April, 2024), as part of their inspections of projects funded by petroleum revenue and citizens engagement, Mr. Ellimah emphasized the need for a more strategic approach to spending oil revenue.
He argued that instead of dispersing the funds across numerous small-scale projects, the government should focus on funding legacy projects-large-scale initiatives that have a significant and lasting impact on the wider public.
“Spending the oil revenue needs to be reconsidered,” Mr. Ellimah said, adding that “We should prioritize projects that have a broader impact, projects that generations to come can point to and say, this was built with oil revenue.”
While acknowledging that the government’s use of oil revenue to fund the Free Senior High School (Free SHS) programme is a positive initiative, Mr. Ellimah urged the government to look beyond this and consider investing in substantial infrastructure projects that would benefit the entire country.
“We are already doing Free SHS, which is commendable,” he said, “but beyond that, can we also focus on major infrastructure projects? These are the kinds of initiatives that will leave a lasting legacy for future generations, when the resource is finite.”
He cited an example of Algeria, who used their petroleum revenue to fund the construction of an underground railway in 26 years, and similarly Nigeria, which could point to legacy projects.
Mr. Ellimah further cautioned against the practice of co-mingling oil revenue with other funds, a practice that diluted the visibility and impact of the revenue.
He said that after 13 years of oil production in the country, the impact of the revenue should be more palpable, and citizens should be able to clearly see the benefits derived from these resources.
“The revenue belongs to the people,” he emphasized, “and it must be used in ways that allow citizens to truly feel its impact.”
The Public Interest and Accountability Committee (PIAC) is an independent statutory body tasked with promoting transparency and accountability in the management of petroleum revenues in Ghana.
Established under Section 51 of the Petroleum Revenue Management Act (PRMA) 2011 (Act 815), PIAC plays a vital role in ensuring that the country’s petroleum resources are managed in a manner that maximizes benefits for all Ghanaians.
SOURCE: GHANA NEWS AGENCY