Ghana's $84m Oil Mony Goes Missing

Ghana’s Public Interest and Accountability Committee (PIAC) said it is yet to receive any form of explanation from the country’s Ministry of Finance on the whereabouts of over-GH¢400million (about $84million) oil revenues allocated to the Annual Budget Funding Amount in 2017.

The PIAC is Ghana’s premier agency that monitors and evaluates oil revenue spending.

Chairman of the Committee, Dr Steve Manteaw said the finance ministry was yet to account for the said amount despite the panel’s persistent calls for clarity on the matter.

Manteaw was quoted on PIAC’s website on Monday to have said this to Ghanaian media during a stakeholder engagement forum with civil society organizations.

“In 2017, slightly over GH¢700million was set aside, thus allocated and approved by Parliament for spending, which is the ABFA. By close of 2017, government had managed to spend only GH¢300million out of the GH¢700million, leaving a balance of GH¢400million. The fact is that the unspent GH¢400million is yet to be accounted for,” Manteaw explained.

He said the Finance Ministry was yet to respond to the Committee’s inquiries about the unspent petroleum cash.