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Govt Must Explain Where $3billion Oil Cash Is Bawumia   
 
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25-Apr-2015  
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Dr. Mahamadu Bawumia
 
 
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The New Patriotic Party (NPP) Vice Presidential candidate, Dr. Mahamadu Bawumia is questioning the whereabouts of the over $3 billion accrued from oil revenues since exploration started in Ghana.

A report released by the Public Interest and Accountability (PIAC) indicated that Ghana made about US$846,767,184 (GHc1,645,585) from the petroleum revenue in 2013.

According to PIAC, the total volume of crude oil lifted by the Ghana Group in 2013 was 6,793,449 barrels of oil representing 19.09% of total production for the period under review.

This brings the cumulative revenue received since 2011 to US$1.833 billion equivalent to GHc 3.291 billion.

PIAC indicated that some of the infrastructural projects government had listed as being funded by revenue from oil production did not exist.

This revelation has raised questions over government’s management and use of proceeds from the country’s oil reserves.

Speaking to Sahara TV in the US, Dr. Bawumia said government’s recent decision to seek an IMF bail out after accruing 3 billion dollars from oil production is untenable.

“We have exported over a hundred million barrels of oil and we have earned over $3 billion. $3 billion  is not chicken feed. It is huge.

Starting from a position of zero $3 billion can transform lives, agriculture, we could have built a railway from Accra all the way to Paga.”

A research by Revenue Watch Institute, in April, 2014 accused some key government agencies for failing to implement the laws, rules and policies governing Ghana’s natural resource funds.

The report indicted the Finance Ministry, the Bank of Ghana and the Ghana Revenue Authority among others, for failing to ensure the appropriate use of Ghana’s revenues that were earned from natural resources such as oil.
 
 
Source: citifmonline
 
 

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