The government says all companies in the oil and gas value chain will, before the end of this year be audited as part of moves to check cash inflows and expenditure.
Deputy Energy Minister, Dr. Mohamed Amin Adam who disclosed this on the sidelines of the JoyBusiness Town Hall Meeting on Oil and Gas, said processes are far advanced to audit all companies in the oil and gas.
Reacting to calls for value for money when it comes to oil revenues, Dr. Amin Adam explains this move is to weed out all forms of malfeasance in the sector.
He said, “This audit is so important for us [government]. We think we can generate more revenue for the state when we do this. Transparency is key in this move and we are bent on seeing it through.”
From a unified call to review Ghana’s Petroleum and Revenue Management Act to warnings against the thin spread of oil revenue to fund infrastructure projects, the Joy Business Town Hall Meeting on Oil and Gas saw speakers drawn from policymakers and civil society proffer thought leadership solutions to issues affecting Ghana’s oil and gas sector.
Meanwhile, the Chairman of the Public Interests Accountability Committee (PIAC), Dr. Steve Manteaw, also made a case for a regime in Ghana’s Petroleum and Revenue Management Act that will sanction players who misuse oil revenue.
He pointed out that equipping the ACT with such prosecutorial powers will help firm up public trust in the sector.
“Disappointingly, the PRMA does not provide sanctions for infractions of the ACT so that does not serve as an incentive to comply by the ACT so we need to see a review of the PRMA to ensure sanctions,” he told JoyBusiness.
Former Finance Minister Seth Terkper who agreed to a review of the laws governing the oil cash said he thinks the Annual Budget Funding Amount ABFA should rather be reviewed if there will be any.
The Joy Business Town Hall Meeting was on the theme: “10 years of commercial oil production in Ghana. Challenges and prospects for the future.”