ACEP endorse review of Petroleum management law
Created on Saturday, 01 November 2014 17:42
The Africa Center for Energy Policy (ACEP) has backed calls for a review of the Petroleum revenue management law.
According to them, there is the urgent need to improve the existing legislation to prevent misuse of the resources and also block loopholes that breed corruption in the country.
The Petroleum management Act was passed in 2011 to ensure that funds accrued from Ghana’s oil revenue is channeled into the Heritage Fund which was set up to provide an endowment to support development for future generations.
The Ghana Chapter of the African Parliamentarians Network Against Corruption (APNAC) wants two-thirds of MP’s to approve any request to spend monies lodged in the Heritage fund.
A member of the group, Osei Kyei Mensah-Bonsu has stated that, “It is important for us to revisit the act and close the windows of opportunity which allow for some people to reap where they have not sown and make sure that the revenues that are accruing would be used in the interest of the good people of this country in a very transparent and accountable manner.”
Already, influential persons including the General Secretary of the ruling National Democratic Congress (NDC), Johnson Asiedu Nketiah, has suggested that government should be allowed to use the Heritage Fund to finance its projects instead of borrowing at high interest rates.
The review of the law, according to the parliamentary group, will make it difficult for government to misuse the money.
Speaking in an interview with Citi News, the director of research at ACEP, John Peter Amewu, wants the same proposal to be applied in the disbursement of the stabilization fund which he believes is being abused.
