The Public Interest and Accountability Committee (PIAC) has marked 15 years of promoting transparency and accountability in Ghana's management and use of petroleum revenues. The Committee was established under the Petroleum Revenue Management Act, 2011 (Act 815), to monitor government's compliance with the law, promote public participation in petroleum revenue management, and provide independent assessments to support Parliament and the Executive in their oversight responsibilities.
15 Years of Advancing Resource Governance
The Committee has pursued its statutory mandate through the publication of reports, project inspections, public engagements, and participation in policy discussions on petroleum revenue management. Mr. Richard Ellimah, Chairman of PIAC, said the management of natural resources is a collective responsibility requiring the active participation of government, Parliament, oversight institutions, civil society organizations, the media, academia, traditional authorities, development partners, and citizens.
Stronger Implementation of Recommendations Needed
Former PIAC Chairman, Mr. Noble Wadzah, emphasized that transparency alone is insufficient to guarantee accountability. He said the critical step is to ensure that recommendations contained in PIAC's reports are acted upon by the relevant institutions. Mr. Wadzah cited the Committee's 15-year experience and highlighted the need for stronger implementation of recommendations to deepen accountability in the management and use of petroleum revenues.
Call for Stronger Financial Independence and Intergenerational Equity
Mr. Wadzah called for stronger financial and operational independence for PIAC, saying this is critical to the Committee's ability to fulfill its mandate. He also called for the protection of intergenerational equity safeguards and cautioned against spreading petroleum revenues across numerous small projects. Mr. Wadzah stressed that the finite nature of the resource requires strategic and sustainable utilization.
A Clear Legislative Framework for PIAC's Funding
Parliament's Finance Committee Chairman, Mr. Isaac Adongo, called for a clear legislative framework to guarantee PIAC's funding. He said the Committee's financial sustainability should not depend solely on discretionary government decisions. Mr. Adongo emphasized that Ghana needs a broader discussion on managing petroleum revenues to build wealth for future generations rather than consuming them predominantly in the present.
The Way Forward
The anniversary celebrations provided an opportunity for stakeholders to reflect on PIAC's contribution to petroleum revenue governance and consider reforms to strengthen its work in the years ahead. The theme "PIAC at 15: Advancing Resource Governance through Transparency and Accountability for Sustainable Development" highlights the Committee's commitment to promoting transparency and accountability in the management and use of petroleum revenues. As Ghana continues to navigate its petroleum revenue management, the lessons learned from PIAC's 15-year journey will be crucial in shaping the country's future.
Source: Joy Online
