Public Interest and Accountability Committee (PIAC) is all about informing the public about the industrial sector precisely the petroleum industry and its mandate in generating revenue for the economy of Ghana.
On Thursday February 10th, the public interest and accountability committee(PIAC) held its public meeting of public interest and accountability on the management of petroleum revenue hosted by NAMA at the Assemblies of God Church premises.
Upon the arrival and registration of participants, an opening prayer by Rev. Oppong from the Christian council was said to commence the ceremony.There was a need for the introduction of dignitaries present which included the MCE, the Chairman ofthe ceremony and other staff from the municipal assembly, PIAC members Mr. David Adjei (Economic Policy Analyst), Mr.Isaac Dwamena (committee coordinator), Kansawurche Dr. Hajia Bukari (Rep: Queen mothers), Mr. Osei K. Adow (Ghana journalists association – GJA), Alhaji Ahmed Anddison from the Muslim group and other committees and assembly members
Hon. Isaac .K Buabeng (MCE) acknowledged the importance of this national exercise as well as briefing the gathering about the recent happenings in the municipality.
PIAC purposes is geared towards knowing the needs of citizens particular communities hence its membership which requires a representative from each social groups in a community as its vision is to fulfill its mandate of ensuring the efficient management and use of petroleum revenues for sustainable development.
During the ceremony, a presentation was done by Mr. David Adjei based on how much revenue is been generated in subsequent years from June 2011 to June 2021 as well as its usage in the economy. The petroleum revenue Act establishes rules that govern the management of oil and gas in the sector as well as mandating personnel in charge for the mobilization of petroleum revenue.
Through the presentation the total amount of revenue generated per the gallons of oil within particular years was addressed as follows, It is a known factor that the oil factory began functioning on December 15th 2010 which generated revenue of over 1.1million barrels, through out the years, there have been massive increments in petroleum revenue from December 2010 to June 2021 which amounted to a total of 481 million barrels. However, In 2014 the gas factory came into being and since then the quantity of gas production throughout the subsequent years summed up to 856.9 thousand trading feet.
The committee accounted to the general public the sources and distribution of petroleum revenue which included royalties ,corporate incomes tax, surface rentals and others while selected priority areas for revenue distribution included agriculture modernization, capacity building, education, energy, transport, roads and other infrastructure development in the country.
Among the presentation, Mr. David Adjei then noted on the contributions made in benefits of Nsawam Adoagyiri Municipality, thus funds were released for the construction of rural market centers, boreholes, roads and railways.
