Four of 18 petroleum agreements terminated by Petroleum Commission – PIAC report

The Public Interest and Accountability Committee (PIAC) has disclosed that four out of eighteen subsisting Petroleum Agreements have been terminated by the Petroleum Commission.

This was contained in a PIAC 2021 non-performing annual report on the management and use of petroleum revenues for 2021, released on Wednesday, April 13.

PIAC since its establishment in September 2011, has exercised its oversight responsibility of monitoring and evaluating the management and use of Ghana’s petroleum revenues by the government and stakeholder institutions.

Since its establishment in 2011, the Committee has published a total of 21 Reports – 10 Semi-Annual and 11 Annual.

In compliance with provisions of the Petroleum Revenue Management Act (PRMA), 2011, the Committee prepares statutory Semi-Annual and Annual Reports, which aim at keeping Ghanaians and other interested stakeholders regularly informed about the management and utilisation of the country’s petroleum revenues.

In a 3news report, the 2021 Annual Report of PIAC is being published a month after the statutory date of 15th March, due to the delay in the receipt of data from some of its stakeholders.

“PIAC continues to urge its stakeholders to ensure the timely submission of information to enable the Committee to meet its statutory timeline,” the report added.

The 2021 report covers the period January to December and encompasses a broad range of issues associated with petroleum revenue management such as information on production, liftings, total revenues accrued and allocated by the Government, ABFA distribution and utilisation, and the management of the Ghana Petroleum Funds (Ghana Stabilisation Fund (GSF) and Ghana Heritage Fund (GHF)).

It also examines other issues related to the performance of various institutions charged with responsibilities in the PRMA.

PIAC in the latest report has introduced a Chapter that provides a detailed narrative on PIAC’s activities, project inspections and feedback from citizens during its yearlong activities.