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Successive Finance Ministers over the last few years have been accused of flouting provisions in the Petroleum Revenue Management Act by failing to disclose to Parliament oil-funded projects in the country.
According to Dr Steve Manteaw, a member of the Public Interest and Accountability Committee (PIAC), the situation raises serious concerns about value for money vis-à-vis ongoing projects across the country.
Speaking at the Speaker's Breakfast Forum on challenges in the gold mining sector and the lessons for the oil and gas sector on Tuesday, 14 November, Dr Manteaw raised red flags over the repeated breaches of the Act and called for a halt in the malpractice.
He told Class91.3FM after the programme that the provision is a control measure to forestall abuse and required the Finance Minister “to provide an update on the stage of completion of oil-funded projects” when presenting the budget.
However, “for the past six, seven years that we have been producing oil, this particular requirement has not been complied with by the Finance Minister”.
Dr Manteaw said parliament passed the law and they should ensure compliance “so we don’t get to a situation where parliament goes to sleep” after enacting laws.