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General News of Saturday, July 6, 2019
Source: Ghananewsagency.org
2019-07-06
Dr. Stephen Manteaw, Chair of the Public Interest and Responsibility Committee (PIAC)
Ghana's Public Interest and Empowerment Committee (PIAC), the official body responsible for monitoring and ensuring the efficient management of oil revenues, called for alternative ways to finance the Government's "Free High High" policy. School (SHS) ".
"We should not base all our hopes on oil revenues for a successful implementation of the program because it is not sustainable," warned President Stephen Manteaw.
According to PIAC, an amount of SEK 426.62 million, representing 98.75% of the disbursement of the annual allocated budget (ABFA) to the priority areas of education, was included in the "Free SHS" program as of 2018.
Dr. Manteaw, who launched the "PIAC 2018 Annual Report" in Kumasi, revealed that a cumulative income of US $ 4.97 billion was earned on the country's annual oil revenue for the period 2011-2018.
The PIAC President drew attention to the changing dynamics of the oil sector, particularly unpredictable global price fluctuations – a possible threat.
This could in the future, he said, affect "our ability as a nation to mobilize the necessary resources solely from the sector to fund the program".
He called on stakeholders and policymakers to continue their deliberations to find other ways to supplement oil sector revenues to finance the program.
The program, an initiative of the administration headed by Nana Akufo-Addo, introduced in 2017, has since benefited more than 400,000 students.
This is part of efforts to strengthen the country's human resources by giving growing young people the opportunity to benefit from a postgraduate education, regardless of their financial situation.
Mr. Manteaw suggested that total petroleum revenues paid to the Petroleum Holding Fund in 2018 amounted to $ 977,093,285.00.
The PIAC report pointed out that in relation to total crude production in 2017, which was 58,658,063. 54 barrels, there was an increase of 5.93 percent in 2018.
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