The Public Interest and Accountability Committee (PIAC) released its 2026 semi‑annual report on Ghana’s petroleum revenue management on 25 October 2026. The report, launched in Accra, highlighted a gap in information that limits the Committee’s ability to assess how petroleum revenues are used in the national budget. PIAC Chairman Richard Ellimah said the Committee has not yet received data from the Ministry of Finance on the utilisation of the Annual Budget Funding Amount (ABFA). “We have requested the data from the Ministry but are still awaiting a response,” he told reporters. Ellimah explained that the information is essential for monitoring expenditure on infrastructure projects, including the government’s Big Push Agenda and the construction of the Accra‑Kumasi Expressway. He added that the concentration of a significant proportion of the ABFA in the Big Push programme could influence how PIAC conducts its project inspections. “We are hoping very much that the Ministry of Finance will give us the data so we can understand what is going on,” he said. “It is something new for us because it is going to change the way we also do our project inspections.” Ellimah called for greater compliance with the legal provisions that require the Ministry of Finance to provide information to PIAC. He noted that, over the Committee’s 15‑year history, he has not been aware of any prosecution for failure to comply with the Petroleum Revenue Management Act (PRMA). PIAC intends to seek guidance from the Attorney‑General on how to address recurring compliance concerns, as the Committee cannot independently initiate legal action to enforce its recommendations. “These are clearly legal infractions,” he said, adding that the Attorney‑General’s advice would help determine the appropriate course of action. PIAC was established under Section 51 of the PRMA to promote transparency and accountability in the management and use of petroleum revenues. Its mandate includes monitoring compliance with the Act and providing independent information to the public to support informed debate and Parliament’s oversight responsibilities. Executive Secretary Isaac Dwamena explained that the Petroleum Revenue Management Regulations set a 15‑day deadline for institutions to respond to PIAC’s requests for information. Regulation 25 requires institutions to provide information for PIAC’s annual and semi‑annual reports within 15 days of receiving the request. Despite the outstanding information, the report assessed developments in petroleum revenue collection, production, expenditure and the management of the country’s petroleum funds during the first half of 2026. Petroleum revenue receipts increased to US$561.4 million in the first half of 2026, up from US$370.3 million in the corresponding period of 2025. The rise was attributed largely to higher crude oil prices and a rise in corporate income tax receipts. The average achieved crude oil price was US$92.80 per barrel, above the benchmark price of US$76 per barrel. PIAC cautioned that the increase in revenue was driven substantially by higher prices rather than a corresponding rise in production, highlighting the vulnerability of petroleum receipts to fluctuations in the international oil market.
Article source: My Joy Online | Image credit: My Joy Online