Deputy Finance Minister, Dr John Kumah, has encouraged the Public Interest Accountability Committee (PIAC) to take the lead in advocating for the reconsideration of current petroleum agreements. This push aims to enable Ghana to maximize its gains from its oil production endeavors.
He expressed that although the government was enthusiastic about boosting its involvement in the extractive industry, there were “interests and constraints” that create challenges in altering the terms of agreements.
“Some people have questioned why our interest in the extractive industries is limited to 10 per cent or 20 per cent of the resources and not 55 per cent or 60 per cent.
“When such issues are pushed vehemently and raised by PIAC, I believe as a nation we can see changes in the terms. It is not easy based on the contract we have signed but everything is possible once there is a will” he said.
Dr Kumah made the call at the unveiling ceremony of a new PIAC logo, a redesigned website, and a data dashboard.
The new logo incorporates features such as an oil rig, an oil drop, and the Ghana Cedi sign to reflect the workings and purpose of PIAC.
It also features PIAC’s corporate colours of black, representing crude oil, and gold (yellow), which signifies wealth.
The redesigned website also reflects the Committee’s attempt to intensify its public outreach, improve the visibility of PIAC and its work, and take feedback.
The Data Dashboard is intended to allow the public to gain simple access to information about Ghana’s petroleum sector.
It comprises an interactive platform that displays statistics on oil and gas production, receipts, and how those revenues are allocated and distributed.
Mr Kumah stated that the Government saw PIAC’s activities as complementary to the nation’s development in terms of the utilization and management of oil revenue.
“I do not think that government sees your contribution as a tango between what government does and what you say. In the end, the objective is for the nation to do better with our oil resources. Every criticism we make should be aimed at making the system better,” he said.
In an interview, PIAC Chairman Professor Kwame Adom-Frimpong urged the government to finance the committee’s statutory activities to enable it to lead the push for expanding Ghana’s oil stake.
“Once it is coming from him (Deputy Minister), from here I will follow up to ensure what he wants us to do is done with the needed resources,” he said.
Prof. Adom-Frimpong also said the committee hoped to be granted prosecutorial powers through the review of the Petroleum Revenue Management Act (PRMA) to ensure that it could enforce compliance with the PRMA laws.