Chairman of the Public Interest and Accountability Committee (PIAC), Dr. Steve Manteaw has criticised collateralisation of the country’s bauxite for the $2 million Chinese loan.
He said if there are good reasons to prohibit the collateralisation of Ghana’s petroleum reserves, then same must be extended to the mining sector.
Dr. Manteaw was addressing a two day seminar for Queen mothers in Accra.
The forum is aimed at sensitising the Queen mothers to the Petroleum Revenue Management Act, (ACT815).
Dr. Manteaw noted that petroleum is a non-renewable natural resource whose exploitation involves the transformation of the Petroleum assets into financial returns for economic development.
In a presentation on Best Practices in Sub National Revenue Management, Samuel Bekoe of GOGIG noted that volatility in oil revenue does not help in development Planning.
He called for cuts in expenditure as well as checks and balances to ensure prudent use of petroleum revenue.
