Dr. John Kumah, Deputy Finance Minister, has encouraged the Public Interest Accountability Committee (PIAC) to champion the effort to revise existing petroleum agreements, aiming to amplify Ghana’s benefits from its oil production.
He emphasized that while the government is keen on enhancing the country’s stake in the extractive sector, certain “interest and limitations” create hurdles in altering agreement terms.
Addressing the unveiling event for PIAC’s new logo, redesigned website, and data dashboard, Dr. Kumah acknowledged that altering the terms of existing agreements is a challenging endeavor.
However, he underscored the potential for change when these concerns are fervently advocated, particularly by PIAC. He expressed optimism that shifts in agreement terms are attainable given the right intent.
“The new logo incorporates features such as an oil rig, an oil drop, and the Ghana Cedi sign to reflect the workings and purpose of PIAC,” Dr. Kumah noted. The redesigned logo represents PIAC’s role in overseeing the utilization of oil revenue.
The revamped website seeks to bolster public outreach and enhance the visibility of PIAC’s work.
The Data Dashboard, a newly introduced interactive platform, offers accessible information on Ghana’s petroleum sector, displaying statistics on oil and gas production, receipts, as well as revenue allocation and distribution.
PIAC Chairman Professor Kwame Adom-Frimpong echoed the Deputy Minister’s call, urging the government to allocate the necessary funds for the committee’s activities.
He emphasized the importance of financial support to enable PIAC’s pursuit of expanding Ghana’s share in the oil sector.
Prof. Adom-Frimpong also expressed the committee’s aspiration to secure prosecutorial powers through a review of the Petroleum Revenue Management Act (PRMA).
This enhancement would empower PIAC to enforce compliance with PRMA regulations.
Dr. Kumah affirmed the government’s view of PIAC’s activities as a contribution towards national development and improved management of oil resources.
He encouraged constructive criticism aimed at refining the system for the nation’s collective benefit.
As Ghana continues to navigate its oil landscape, the collaboration between the government and entities like PIAC highlights the ongoing efforts to optimize revenue allocation, enhance transparency, and ensure the nation maximizes the benefits derived from its extractive industries.