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Ghc 400m Of Ghana's Oil Money Goes 'Missing' — Public Interest And Accountability Committee Demands Explanation From Government

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Whilst still reeling from the Ghc 610m Capital Bank corruption scandal Ghana might soon have to deal with yet another case of ‘sika die’basaa’.
According to the Public Interest and Accountability Committee (PIAC), about Ghc 400m of oil revenue allocated to be spent cannot be accounted for by the Ministry of Finance.
According to a statement from the PIAC, in 2017 Parliament approved Ghc 700m of Ghana’s oil revenues to be spent and the money was duly dispatched to the Ministry.
However, to this day only Ghc 300m of that money has been duly accounted for, leaving a hole of Ghc 400m which the ministry has not been able to explain despite repeated requests for clarity from the PIAC.
The PIAC writes on its website….

The Public Interest and Accountability Committee (PIAC) says it is yet to receive any form of correspondence from the Ministry of Finance (MoF) explaining the whereabouts of the over-GH¢400million unutilised oil revenues allocated to the Annual Budget Funding Amount (ABFA) in 2017, as spelt out in the Petroleum Revenue Management Act (PRMA), the PIAC writes on its website.
According to Dr. Steve Manteaw, Chairman of the Committee, the MoF is yet to account for the said amount despite PIAC’s persistent calls for clarity on the matter.
“In 2017, slightly over GH¢700million was set aside, thus allocated and approved by Parliament for spending, which is the ABFA. By close of 2017, government had managed to spend only GH¢300million out of the GH¢700million, leaving a balance of GH¢400million. The fact is that the unspent GH¢400million is yet to be accounted for,” he explained.
He added that the Finance Ministry is yet to respond to the Committee’s inquiries about the unspent petroleum cash.
“We’ve actually raised this in our report, and we’ve also written to the minister of finance asking about where the unspent GHC400million is. We’re yet to receive an acknowledgement let alone a response,” he added.



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