PIAC report: Over Gh¢600m oil money budgeted, yet unspent in 2017, 2018

PIAC report: Over Gh¢600m oil money budgeted, yet unspent in 2017, 2018

The Public Interest and Accountability Committee’s 2018 report point to budget non-compliance on the part of the Ministry of Finance.

Chairman of PIAC, Dr Steve Manteaw, has encouraged the finance ministry to take steps to halt what is becoming an emerging trend of unspent Annual Budget Funding Amount (ABFA).

According to PIAC, in two years, budgeted but unspent and unaccounted for oil money amounted to Gh¢652,292,311.00.

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“When you budget and you don’t spend, it speaks of a certain lack of budget compliance because in reporting to PIAC, whenever there are unspent money, the government must provide an explanation.

“The citizen demands to know why the monies that were allocated were not utilised because these were revenues that were realized and allocated. The public needs to know why the ministry in spite of the availability of the funds, did not use the money,” Dr Manteaw said.

He said public knowledge of the reasons for unspent money would help the public to better understand the transparency and how accountable government is.

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Ghana’s Petroleum Revenue Management Act mandates the state to disburse funds from the Petroleum Holding Fund.

It is meant to support the national budget in the form of the Annual Budget Funding Amount (ABFA).

When money allocated to the fund is unspent, it is supposed to be returned to the Petroleum Holding Fund for accountability purposes.

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Source: Yen.com.gh

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