PIAC says specific legacy projects should be supported from petroleum revenue

The Public Interest and Accountability Committee, PIAC, is calling for few legacy projects to be identified and supported by the Annual Budget Funding Amount from the petroleum revenues.

Chairman of PIAC, Kwame AdomFrimpong, said this at a two-day public forum on the Management of Ghana’s Petroleum Revenue for 2020 in Tamale in the Northern Region.

The Public Interest and Accountability Committee, PIAC was established to provide space and platform for the public to debate the extent to which spending prospects, as well as management and use of revenue, conform to development priorities.

The Chairman of PIAC, Kwame AdomFrimpong, said, it is important to let citizens to know how effective, efficient and transparent petroleum revenue are being used for development.

Mr. Frimpong said impact of the COVID-19 compelled government to dip into the petroleum revenue to address national issues.

The Chairman said though the Free SHS programme is a good social intervention policy, the committee is concerned about the reliance on petroleum revenue as key funding source for the programme.

He indicated that due to the volatile nature of petroleum revenues, funding sources for the Free SHS policy need to be diversified.

The 2020 Report of PIAC reiterated the need for a long-term national development plan to guide the spending of petroleum revenues instead of resorting to the fallback position of ministerial discretion in selecting priority areas.

Story filed by Joyce Kantam Kolamong

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