The Public Interest and Accountability Committee (PIAC) has urged the Auditor General to begin auditing the Ghana Petroleum Funds as prescribed by the Petroleum Management Act 815.
This is part of eleven key recommendations proposed by the committee toward improving the management and usage of petroleum revenues in the country.
The committee released its maiden report on Petroleum Revenue Management for 2011 today.
It also urged the Ministry of Finance and Economic Planning to take steps to account for the 2011 unaccounted proceeds in the Petroleum Holding Fund in a special report to Parliament.
The Committee further asked Parliament to demand explanations from institutions charged with responsibilities under the Petroleum Management Act.
Chairman of the Committee, Major Retired Daniel Ablorh-Quarcoo, expressed concern about the non-payment of taxes by oil firms.
He however suggested that the Ghana Revenue Authority should provide the Ministry of Finance the possible tax position rather than allowing the ministry to negotiate with the oil companies based on moral suasion.
He also called for accountability from the Saltpond Offshore Producing Company Limited.
The committee as mandated by law is expected to publish semi-annual and annual reports in September and March each year.
Meanwhile, Ghana lifted a total of 3.930 million barrels of oil, representing 16.1 percent of total oil production in 2011.
The nation therefore accrued 666.187 million cedis from total oil receipts.
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