PIAC urges gov't to utilize Annual Budget Funding Amount

Chairman of the Public Interest Accountability Committee (PIAC), Dr. Steve Manteaw has impressed upon the Ministry of Finance to utilize the Annual Budget Funding Amount.

He says the move by PIAC is to stem the emerging trend where the country’s petroleum revenue is not utilized.

Dr. Manteaw said the Annual Budget Funding Amount (ABFA) that has been used by the government based on petroleum revenue stands woefully short of the budgeted figure.

He believes this is a result of huge debts by major companies in the oil and gas sector.

Dr. Manteaw explained after a meeting with the finance committee of parliament that the amount of unspent ABFA in the last 2 years alone was in excess of 650 million Ghana Cedis.

“One major area of concern was the emerging trend of unspent ABFA annual budget funding amount in 2017. Out of about GHc700 million, GHc403 million was unspent.”

He added that “We noticed in the 2018 report that an amount of GHc251 million was unspent ”

Dr. Manteaw also added that how the ABFA that had been used was spent was also distasteful to PIAC.

Meanwhile, Chairman of the Finance Committee, Dr. Mark Assibey Yeboah has said the committee will keenly monitor the utilization of petroleum revenues.