You are here: HomeNews2020 02 12Article 864451

General News of Wednesday, 12 February 2020

Source: Class FM

US$655m oil cash "vanished into thin air" under Akufo-Addo – Minority

The Minority in Parliament has said US$655 million of Ghana’s oil revenue can still not be accounted for by the Akufo-Addo administration, per reports by the Public Interest and Accountability Committee (PIAC) reports of 2017 and 2018.

In a presentation on Ghana’s oil sector by a Deputy Power Minister in the erstwhile Mahama administration, Mr John Jinapor said: “Now, if you look at the PIAC report, it makes it clear that there is a lack of transparency and accountability within the oil sector, in terms of accounting for our oil revenue”.

For instance, he said: “During President Mahama’s time, we followed the Public Financial Management Act and spent a chunk of that money on physical infrastructural projects that come under capital projects but under Akufo-Addo, they are spending less than 50 per cent of petroleum resources on capital expenditure.

“Equally, the PIAC report of 2017 and 2018 – and this is a public document – state categorically that US$655 million cannot be accounted for between 2017 and 2018”, Mr Jinapor said at a forum in Accra on Wednesday, 12 February 2020.

“What it means”, he noted, “is that US$655 million of the taxpayers’ money has vanished into thin air”, adding: “This is unfortunate”.

“We’ve raised it on the floor, we’ve demanded answers and yet this government is evasive when it comes to this”.

Send your news stories to and features to . Chat with us via WhatsApp on +233 55 2699 625.

Join our Newsletter