Close Menu
John Mahama News
  • Home
  • Ghana News
  • Anti-Corruption
    • Corruption Watch
  • Economic
    • Education & Innovation
  • Environmental
    • Governance & Policy
  • Health & Welfare
    • Historical & Cultural Insights
    • Infrastructure & Development
    • International Relations
  • Ministerial News
    • Presidential Updates
  • Public Opinion
    • Regional Governance
      • Social Issues & Advocacy
      • Youth & Sports
What's Hot

Don’t take part in EC’s ‘useless’ Ablekuma North rerun — Elvis Darko to NPP

July 10, 2025

Samsung introduces future-ready mobile security for personalised AI experiences

July 10, 2025

Transport Minister hints of tax waivers for electronic vehicle importation 

July 10, 2025
Facebook X (Twitter) Instagram
Trending
  • Don’t take part in EC’s ‘useless’ Ablekuma North rerun — Elvis Darko to NPP
  • Samsung introduces future-ready mobile security for personalised AI experiences
  • Transport Minister hints of tax waivers for electronic vehicle importation 
  • International Day of Parliamentarism and Its Resonance in Ghana
  • As the world reconfigures, can Africa claim its economic power?
  • There’s no evidence to suggest NDC supporters engaged in criminality — Ex-NDC MP
  • Chinese national, Ghanaian driver shot dead in galamsey attack at Subri-Nkwanta
  • Women farmers at Savelugu, Nanton engaged on government’s agricultural policies 
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
Facebook X (Twitter) Instagram
John Mahama News
Thursday, July 10
  • Home
  • Ghana News
  • Anti-Corruption
    • Corruption Watch
  • Economic
    • Education & Innovation
  • Environmental
    • Governance & Policy
  • Health & Welfare
    • Historical & Cultural Insights
    • Infrastructure & Development
    • International Relations
  • Ministerial News
    • Presidential Updates
  • Public Opinion
    • Regional Governance
      • Social Issues & Advocacy
      • Youth & Sports
John Mahama News
Home » PIAC accountability oversight weakens with amendment of PRMA

PIAC accountability oversight weakens with amendment of PRMA

johnmahamaBy johnmahamaJuly 10, 2025 Infrastructure & Development No Comments4 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


The Public Interest and Accountability Committee (PIAC), a critical oversight agency over the country’s oil revenues, has been stripped of its petroleum funding following amendment into the Petroleum Revenue Management Act.

The change, assented to the President as part of the various amendments revises the Petroleum Revenue Management Act (PRMA) – Amended Act, 2015, specifically Sections 21 and 57, removing a crucial source of financial support that ensured PIAC’s independence and effectiveness.

The situation seems to cripple the accountability agency of many responsibilities as source of funding becomes a major setback.

For instance, since the launch of the 2024 Annual Report on petroleum revenue, PIAC is unable to carry out engagements with stakeholders, including the media, on some findings in the report, which is part of the oversight roles.

Since the amendment, the committee is unable to get necessary government funding to embark on monitoring of projects under the petroleum revenue as part of its mandate.

This is due to a further drop in budget allocations to the committee for the year 2025.

JoyBusiness has also gathered that operations of the committee at its secretariat is challenged as a result.

The Amended Act 2015 stipulated that a minimum 70% of the Annual Budget Funding Amount (ABFA) – which is the portion of petroleum receipts approved by parliament to support the national budget for a financial year – should be used for public investment expenditure.

It also directed that PIAC’s annual budget, submitted for inclusion in the national budget for each financial year, should be charged on the ABFA.

However, the new provision in the law had taken away the section which gave PIAC a portion of oil proceeds to fund its oversight work.

Section 21 of Act 815 amended – The Petroleum Revenue Management Act, 2011 (Act 815), referred to in this Act as the ‘principal enactment’, is amended by the substitution of section 21, “Use of the Annual Budget Funding Amount”.

It states that ABFA is part of the national budget and its use and expenditure are subject to the same budgetary processes which are necessary to ensure efficient allocation, responsible use and effective monitoring of expenditure.

According to the latest revision, “The use of annual allocations of the ABFA shall be (a) to maximize the rate of economic development; (b) to promote equality of economic opportunity with a view to ensuring the well-being of citizens; (c) to undertake even and balanced development of the regions; and (d) guided by a medium-term expenditure framework (aligned with a long-term national development plan) approved by parliament.”

For Section 57 of Act 815 amended, the latest revision states: “The principal enactment is amended in section 57 by the repeal of subsection (3)”.

This development, according to the Africa Senior Programme Officer-for the Natural Resource Governance Institute (NRGI), Denis Gyeyir, takes PIAC a decade backward to pre-2015 days when PIAC funding was at the pleasure of the Ministry of Finance.

“The Committee, in most cases, had to rely on oversight actors and media advocates who had to ‘make noise’ before funds would be disbursed for PIAC’s work. One does not expect that the Minister of Finance, who is subject to PIAC’s oversight mandate, would be given the discretion on PIAC’s funding” he asserted.

Mr. Gyeyir further criticised government’s decision to eliminate the priority area provision, saying it undermines the ABFA’s intention.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.



Source link

johnmahama
  • Website

Keep Reading

As the world reconfigures, can Africa claim its economic power?

Ghana EXIM Bank Board inaugurated

Economy running on borrowed breath, not fundamental strength – Africa Policy Lens

BoG to cut policy rate by 300 basis points to 25% – IC Research

AFRICON empowers Western Region Business leaders with AI training 

Linda Yaccarino departs as boss of Musk’s X

Add A Comment
Leave A Reply Cancel Reply

Editors Picks

Transport Minister hints of tax waivers for electronic vehicle importation 

July 10, 2025

Cedi sells at GHS12.20 on forex market, GHS10.36 interbank on July 10

July 10, 2025

Excessive BoG intervention fueling multiple exchange rates — Prof. Bokpin 

July 9, 2025

External gains push Ghana’s reserves far beyond IMF expectations

July 9, 2025
Latest Posts

Complacency exposes Africa to cybercrime

July 8, 2025

How 25 Nigerians were trafficked to Ghana, forced into large scale fraudulent activities from their Dodowa hideout

July 8, 2025

AI Training, SIM reforms and internet upgrades

July 3, 2025

Subscribe to News

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Welcome to JohnMahama.news, your trusted source for the latest news, insights, and updates about the President of Ghana, government policies, and the nation at large. Our mission is to provide accurate, timely, and comprehensive coverage of all things related to the leadership of Ghana, as well as key national issues that impact citizens and communities across the country.

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

Facebook X (Twitter) Instagram Pinterest
  • Home
  • About Us
  • Advertise With Us
  • Contact Us
  • DMCA
  • Privacy Policy
  • Terms & Conditions
© 2025 johnmahama. Designed by johnmahama.

Type above and press Enter to search. Press Esc to cancel.