List of road projects, the others being financed with oil funds

General News on Thursday, April 11, 2019

Source: citinewsroom.com

2019-04-11

The Ministry of Finance has released the list of approved projects funded with the annual budget financing amount (ABFA) of Ghana's oil revenue.

The Ministry had previously asked Ministries, Departments and Agencies (MDAs) to provide the use and cash flow of their ABFA allocations in the 2019 budget, in accordance with the Committee's recommendations for the public interest and accountability. (PIAC).

The ministry has released the breakdown to ensure transparency and accountability.

According to the Petroleum Revenue Management Act (PRMA), after the Ghana Petroleum Commission (GNPC) receives its share of oil profits, 70% of the remaining profit must be paid to ABFA.

The law also states that 70% of ABFA should be invested in infrastructure projects, with the remaining 30% to be allocated to priority areas, including education.

The PIAC secretariat had invited the Ministry of Finance and Economic Planning (MoFEP) to provide information on all the physical infrastructure projects it intends to finance with oil revenues in the country in 2019.

The commission raised concerns about what appeared to be non-existent projects in the past.

For example, PIAC said that in 2017, the government had allocated 2.2 million GHARs to physical infrastructure in the education sector, but no project had been built.

He plans to work with the Office of Economic and Organized Crime (EOCO) and the Office of the Special Prosecutor to investigate non-existent oil-financed projects in the country for which budgets have been approved.

Find the complete list below