The Public Interest and Accountability Committee (PIAC) has entreated the government to speed up the sustainable development of petroleum resources to reverse the decline in the production of petroleum products.
Nasir Alpha Mohammed, the Vice Chairman of PIAC, said the government should put in place the necessary measures to attract new investors into the sector and ensure the early completion of ongoing projects.
Petroleum production in Ghana had been on the decline over the past few years, he said, hence the need for massive investment to discover additional oilfields.
Mr Mohammed said this at a forum organised by PIAC in Wa for stakeholders in the Upper West Region to make inputs into the management and utilisation of petroleum revenues in the country.
Heads of departments and agencies, the security services, representatives of political parties, district chief executives, civil society organisations, and traditional leaders, among others, participated.
In a presentation on the petroleum revenue management and utilisation for 2022, Mr Mohammed said out of a total of $1,428,760,076.93 revenues realised in 2022, GH¢33,750,184.39 went to the Ghana National Petroleum Corporation.
GHȻ526,308,309.00 went into the Annual Budget Funding Amount to support government's projects in the communities.
An excess of GHȻ407 million also went to the Ghana Stabilisation Fund as a reserve for the Government to support the economy in times of unanticipated petroleum revenue shortfalls and fiscal imbalances.
“Successive governments have dipped their hands into this fund (Ghana Stabilisation Fund) such that when COVID-19 hit us, we were running outside looking for money when we could have relied on this particular fund,” he said.
Latest Stories
-
Nigeria court frees 119 protesters after government drops charges
3 mins -
French families sue TikTok over harmful content
15 mins -
Slapping MP shows generational change may not end abuse of power in Nigeria
26 mins -
Zimbabwe bans police from using mobile phones while on duty
38 mins -
Killers of Ugandan Olympian sentenced to 35 years
50 mins -
Elon Musk to spend election night with Donald Trump
54 mins -
Accusations fly in Spain over who is to blame for flood disaster
1 hour -
UCL: Real Madrid lose to AC Milan in second straight home defeat
1 hour -
Queen Camilla cancels events due to chest infection
1 hour -
Economy is growing below potential – IEA
1 hour -
UCL: Gyokeres hat-trick as Amorim’s Sporting thrash Man City
1 hour -
Equatorial Guinea VP warns against office sex after viral videos
1 hour -
Netflix Europe offices raided in tax fraud probe
2 hours -
UCL: Diaz nets hattrick as Liverpool beat Leverkusen
2 hours -
Israel PM Netanyahu fires defence minister Gallant
2 hours