PIAC needs secure funding to protect oil revenue – Adongo

Ghana's oil revenue watchdog, the Public Interest and Accountability Committee (PIAC), is at risk of losing its secure funding if legal measures are not implemented, warns Isaac Adongo, Chairman of Parliament’s Select Committee on Finance. PIAC has played a critical role in ensuring that the country's oil revenues are properly accounted for and used for their intended purposes.

However, with the abolition of the Annual Budget Funding Amount (ABFA) as part of recent reforms to petroleum revenue management, PIAC's funding has become uncertain. Previously, PIAC relied on a percentage of the ABFA to finance its operations; now that the ABFA is directed towards the Big Push programme, the committee has lost an important source of funding.

To ensure PIAC can operate effectively, Adongo stressed the need for a new funding arrangement backed by legislation to guarantee the required resources. He cautioned against weakening Ghana's oil savings for future generations, citing Norway as an example of a country that has deliberately saved a significant portion of its oil wealth.

Adongo urged parliament and the government to be cautious when reviewing the Ghana Heritage Fund, warning that politicians might be tempted to spend it on immediate needs. PIAC, established in 2011 under the Petroleum Revenue Management Act (Act 815), has contributed to strengthening transparency and accountability in the management of Ghana’s petroleum revenues through statutory reports, inspections, community engagement, and public forums.

As Ghana marks the committee's 15th anniversary, Adongo called on citizens and the media to continue demanding information and questioning the use of petroleum revenues, emphasizing that the management of the country's natural resources is a shared responsibility.