Pass Petroleum Revenue Management Act to check use of oil revenue for debt servicing-ACEP to gov’t

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The Africa Centre for Energy Policy (ACEP) is advocating the passage of the Petroleum Revenue Management Act (PRMA) as a way of checking the deliberate use of oil revenue for debt servicing at the expense of public investments.

The PRMA when passed should define rules for capping the Ghana Stabilization Fund (GSF), as this will bring clarity to the basis for capping and remove perceived discretionary powers of the Minister in the treatment of oil revenues and the GSF.

ACEP which made the recommendations in its analysis of the 2019 budget and government economic policy statement said ‘’to prevent encumbrances of unutilized ABFA, the Ministry of Finance must ensure that existing infrastructure projects yet to be completed are adequately funded by the ABFA. Fully utilizing ABFA will prevent time and cost overruns of existing uncompleted projects’’

The statement, dated 20th November 2018 and copied to continued ‘’linked to the proposed solution to prevent encumbrances on the ABFA is the need for detailed annual expenditure planning with clear timelines for projects under the priority areas. This must be published together with the budget to enable CSOs to track ABFA investments’’

ACEP also proposed that the 2017 ABFA balance should be used to fund one major national project that all citizens can identify with.

Below is the full statement of the think-tank’s analysis of the 2019 budget and government economic policy statement.

ACEP’s Comments on 2019 budget



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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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