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The report, among others, aims to oversee and monitor the management of oil revenues.
Dr. Mark Assibey-Yeboah, Chair of the Finance Committee, presented the committee's report indicating that this declaration met the requirements of Law 815.
The PIAC established under Article 51 of the Petroleum Revenue Management Act 2011 (Law 815) is required to prepare and publish two reports, a semi-annual report and an annual report, detailing the amount of revenue each year. collected during the reporting period were used.
Assibey-Yeboah also said the total oil revenue paid to the Petroleum Retention Fund (PHF) in 2018 amounted to USD 977,093,285.
In addition, $ 1,606,642.37 was earned in interest on the undistributed funds held in the FSP during the year.
He stated that the total disbursement of the FSP in 2018 amounted to USD 977,093,285 and that of this amount, GNPC had received USD 305.27 million (31%), ABFA had obtained USD 235 million (24% ), GSF had raised $ 305.72 million (31%) and GHF. USD 131.02 million (14%).
Dr. Assibey-Yeboah also explained that the allocation to ABFA was allocated to the four priority areas selected by the government, namely agriculture, road, rail and other infrastructure, the most important of which was the government. physical infrastructure and health service delivery, as well as educational infrastructure and service delivery.
Mr. Emmanuel Armah-Kofi Buah, former Minister of Energy, lamented the government's decision to spend 404 million GH ¢ of oil revenue for consumption expenditure, which he said was not good for the country.
He argued that oil revenues should be spent on infrastructure development that generates revenue for long-term self-financing.
He said that the government had the choice to spend capital but chose to spend on goods and services, and Ms. Abena Osei-Asare, Deputy Minister of Finance, said that the goods and services component of the expenditure was intended Free SHS program. .
"If he tells us that the expenses on the Free SHS program are consumables, then I do not know what he's talking about. The expense is to build the human capital of the country's youth, "she said, said the deputy minister.
Mr. Buah further argued that the government's approach to the Free SHS concept was flawed and that it was necessary for all parties to sit down and propose the solution for the program.
"Are you telling me because of Free SHS, we should use all our money in oil to pay even those who can afford it? Are we spending all our money on consumables and wealthy people who can buy themselves? Mr. Buah is interviewed.
Mr. Anthony Akoto Osei, Minister of Control and Evaluation, challenged Mr. Buah's statement that the funds were used to pay MPs' tuition fees. She also asked Mr. Buah to withdraw his statement and apologize to the House.
Mr. Buah was compelled by a directive from the president to withdraw the statement and apologize to the House, which he did accordingly.
Mr. Emmanuel Gyamfi, Chairman of the Committee on Mines and Energy congratulated PIAC for its detailed reports.
He said that the issue of public investment in education had been well debated at the committee level and did not understand why the minority was a big problem.
He said the majority was of the opinion that spending 404 million GH ¢ in free SHS to build the country's human capital was the right thing to do.
Mr. Gyamfi also congratulated the GNPC Foundation for its corporate social responsibility by financially supporting rice producers and communities living in its operational areas.
However, he advised the Foundation not to engage in unnecessary activities, but to focus on its core mandate.
In his comment, Mr. Adam Mutawakilu, a senior member of the Committee on Mining and Energy, indicated that total oil revenues in 2018 amounted to $ 977,093,285, an amount of 56% representing 548,334,881.11 USD.
He said, however, that the AGA's recent agreement with Parliament had undermined the country's interest in generating significant revenues from its hydrocarbons.
He stated that the inability of the Ghana National Gas Company (GNGC) to honor its debts to the GNPC despite revenues from the sale of gas amounting to $ 85 million was a source of great concern.
Mr Mutawakilu also said that the VRA's inability to pay for the gas consumed was very worrying and was undermining the ESLA that had been adopted to reorganize state-owned enterprises in the sector. 39; electricity.
He added that state-owned companies such as the VRA should be able to meet their obligations with respect to gas consumed, adding that the VRA current owed 150 million US dollars to Ghana Gas, which accounted for the total debt of the energy sector.
He refuted the government's claims that the "Take or Pay" contract signed by the NDC administration was at the origin of the country's electricity sector debts.
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