Kwame Jantuah, Vice Chairman of a Public Interest Accountability Committee (PIAC), has indicated that Ghana’s petroleum income has been used to residence many problems in a nation concurrently instead of investing in a 4 priority areas.
The priority areas set out by law, Mr Jantuah said, are cultivation mechanization, highway and other infrastructure, amortization and capacity-building.
This, according to him, has no doubt enervated a intensity impact of oil revenues on a socio-economic growth of Ghana.
At a open forum on a supervision of Petroleum Revenue hold for a Adentan Municipal Assembly (AdMa) in a Greater Accra lately, he disclosed that revenue, that accrued from a over 194,095,809 barrels of wanton oil prolongation from 2011 to 2016, was spent on equipment outward a priority areas.
The Vice Chairman combined that usually 11 percent of petroleum income from 2011 to 2016 had been allocated to agriculture, that is a buttress of a country.
“If this trend continues but correct checks, a nation is expected to finish adult with zero discernible as justification for a petroleum revenue,” he remarked.
PIAC has always done a position on petroleum income really transparent to supervision by a annual and semiannual reports.
He pronounced PIAC was of a faith that few bequest projects should be identified and upheld by Annual Budget Funding Amount (ABFA)
While assenting a supervision for redefining a supervision of oil and gas, he reiterated that it was equally critical to put adequate measures in place to strengthen a attention from being taken over by unfamiliar cartels.
The destiny of oil business is capricious due to a flighty inlet and it is for such and other reasons that supervision contingency put measures in place to revamp a other sectors of inhabitant economy, according to him.
Mr Jantuah appealed to supervision to labour wanton oil to keep a nation in business in a arise of low universe marketplace prices.
PIAC, that was determined in Sep 2011, has a charge to guard and weigh a supervision of Ghana’s petroleum revenue.