Petroleum Exploration & Production Bill to accelerate pace of development- PIAC

In a bid to actualise the extension of power to facilitate economic development, the energy sector in 2015 was allocated an amount of three hundred and ten point 57 million Ghana Cedis as capital outflow for rural electrification. 

Out of the projected figure, the Upper East Region could not get its fair share of the allocated budget expenditure though it enjoyed more than 15 percent of rural electrification in 2014 through the petroleum revenue. 

In addition nine irrigation project were undertaken to improve the Agriculture sector of the region. 

Experts believe that with the coming into force of the Local Content Policy and the expected passage of Petroleum Exploration and Production Bill, the region is poised to maximize the benefits from exploration of the country’s oil and gas resources. 

This was made known by Professor Paul Kinsley Bua-Bassuah at a consultative forum on petroleum revenue organized by Interest and Accountability Committee, PIAC in Bolgatanga.

Radio Ghana’s Correspondent, Isaac Asare who was at the forum, reports that, the PIAC is stipulated under section 51 of the Petroleum Revenue Management Act 815 with a mandate to among others, monitor and evaluation compliance by government and institutions in the management and use of petroleum revenues. 

The establishment of the PIAC is in pursuance of government’s resolve in the promotion of transparent and accountable governance. 

The PIAC is composed of thirteen experienced diverse groups and other professional bodies, whose mandate is to detail how much petroleum revenue has been bagged in the year under review and how the revenue accrued had been utilised. 

The public consultative forum therefore serves as a platform to share and highlights the content of the PIAC report for 2015. 

The forum also provokes public discourse on spending prospects for petroleum revenues in line with identified development priorities of the country. 

The PIACs annual report however, underscores the performance of the Ghana Petroleum Funds, GPF, and other related disciplines in the petroleum sector. 

In a presentation, the Chairman of the PIAC, Professor Paul Kingsley Bua-Bassuah schooled participants on the variance between the actuals and projected revenue of petroleum, which according to him has witnessed a cumulative shortfall of 470 million US dollars as compared with a revised budget estimate of 496.31 million US dollars.  

The huge disparity in the projected revenue, he indicated is attributable to the significant decline in the expected price of crude oil, which is faced with a year-to-year decline of nearly 49. 4 percent. 

Professor Buah-Bassuah said inspite of the dramatic shortfall, government through the Finance Ministry was able to spread development in four priority areas with Upper East benefiting greatly from rural electrification.

Prof Bua-Bassuah was hopeful that with the coming into force of the Local Content Policy, Ghanaians are poised to maximize the benefits from exploration of the country’s oil and gas resources. 

During an open forum, question regarding the allocation and distribution of the oil proceeds were brought to fore. 

Others bordered on the protection of the heritage fund and the environmental impact of the oil exploration. 

Key among the concerns raised focused on why the region in 2015 did not receive its fair share of the road infrastructure. 



GBC