You are here: HomeBusiness2019 08 19Article 773392

Business News of Monday, 19 August 2019

Source: Laud Business

PIAC awaits GNPC, MoF reports to release its 2019 semi-annual report

Chairman of the Public Interest and Accountability Committee (PIAC), Dr Steve Manteaw, has revealed the committee is currently waiting for the reports from the Ghana National Petroleum Corporation (GNPC) and the Ministry of Finance on the utilisation of petroleum proceeds in order to fully complete the compilation of its semiannual report for the first half of 2019.

Dr Manteaw told Laudbusiness.com in an exclusive interview Monday August 19, 2019 that the Chief Director of the Finance Ministry and officials from the GNPC have, however indicated that their reports will be ready soon to enable PIAC complete its report.

“PIAC is awaiting reports from the Ministry of Finance and the GNPC. We met the Chief Direct of the Ministry of Finance on Friday and he gave the assurance that their reports will be ready soon. The GNPC also gave us the assurance their report will be out soon so we are awaiting their reports,” he said.

“After receiving all these documents we at the PIAC will review and do assessment of them to ascertain whether or not the claims are accurate and then we will also bring our findings out by 15th September,” he added.

At the moment, PIAC is receiving the semiannual reports from the various state institutions including the Bank of Ghana (BoG), the National Petroleum Authority (NPA), The Ghana a National Petroleum Corporation (GNPC), the Ministry of Finance and other players in the oil sector.

The Petroleum Revenue Management Act, ACT 815 established to monitor how the oil money is utilised mandates PIAC and theses institutions to issue semiannual reports on how the oil money is spent.

The BoG has already issued its Petroleum Holding Fund & Ghana Petroleum Funds Semi-annual report: Jan 2 – Jun 28, 2019.

During the first half of 2019, the Annual Budget Funding Amount (ABFA) received an amount of US$165.66 million from the oil proceeds from the Tweneboa, Enyenra and Ntomme (TEN), Jubilee and Sankofa Gye Nyame fields, the Bank of Ghana (BoG) has announced.

According to the BoG, the ABFA target of US$236.52 million was not met for the first half of 2019.

The ABFA is the account set up by government that receives allocation from oil and gas revenue in support of Government budgets.

The Petroleum Holding Fund & Ghana Petroleum Funds Semi-annual report: Jan 2 – Jun 28, 2019, published by the central bank on its website said : “The total amount received and distributed from the PHF during the period was US$ 363.74 million.

“This comprised of lifting proceeds from the Jubilee 47th and 48th liftings totalling US$123.85 million, proceeds of the 10th and 11th liftings from TEN totalling US$117.37 million and other income amounting to US$122.52 million.

“A total amount of US$0.74 million although received in H1 2019 will be distributed in H2 2019.

“GNPC received an amount of US$98.29 million for CAPI and EFC in H1 2019 compared to US$162.45 million in H2 2018.”

It added: “Total amount received by ABFA for H1 was US$165.66 million. ABFA target of US$236.52 million was not met for the first half of 2019.

“The Ghana Stabilisation Fund and the Ghana Heritage Fund received US$69.85 million and US$29.94 million respectively in H1 2019 compared to US$154.88 million and US$66.38 million respectively received in H2 2018.”