News:
December 13, 2017
Parliament has proposed new amendments to the Petroleum Revenue Management Act (PRMA) to enable government focus on four priority areas instead of placing oil revenue into the Annual Budget Funding Amount.
According to the current arrangements in the PRMA, oil revenue for the country have been spread thinly on projects but have not made the desired impact on the people.
Mr Emmanuel Kwesi Gyamfi, Chairman of the Committee on Mines and Energy made the statement during an interview with the media in Parliament.
He said according to the PRMA, the Minister of Finance is to report to Parliament annually the amount of oil revenue that has accrued into the Petroleum Fund.
He said since the inception of the Act 815 in 2011 there is no detailed list of the projects that has been financed from the oil revenue which has been submitted to the House.
Mr Osei Kyei Mensah Bonsu, the Majority Leader suggested that government instead of putting the oil revenue into the Annual Budget Funding Amount should prioritize one project, say railways and invest the money in that, so that at the end of three years, the Accra Kumasi Takoradi railway golden triangle could be completed.
He expressed his glee that members of the minority support his proposal for the Petroleum Revenue Management Act to be amended to enable government focus and prioritize projects to invest the oil money in.
He however expressed concern over the VRA indebtedness to the Ghana Gas Company, which he said is as result of the high cost of gas being supplied by Ghana Gas to VRA.
He said the gas being supplied from Nigeria’s Delta State despite the distance is still cheaper than the gas being produced locally from Atuabo.
Kwaku Sakyi-Danso/ghanamps.com