Gov’t criticized for failing to properly account for oil revenues
Former
Finance Minister has berated at the government saying it failed to properly
account for oil revenue generated since it came to power.
Seth
Terkper, speaking on the 2020 Budget Statement and Economic Policy that was
presented to Parliament, last week, expressed worry that, the Finance Minister
only presented figures on oil revenue to the public but did not tell Ghanaians
what the monies were used for.
The
finance minister is required by the Petroleum Revenue Management Act (PRMA) to
account to the citizens how the revenues accruing from the oil and gas
resources are being utilized and how much has been accrued.
“As
we speak oil revenue is bringing in GHC4 billion. I think we should be
confidently talking about what the oil revenue was used to do,” Mr Terkper said.
The
Former Finance Minister stated that oil revenue generated now has not been
properly used, stating that the government has failed to ensure proper
investment with the money.
He
also compared the erstwhile John Mahama-led government to the current
government and stated that although the Mahama government had one terminal
during his tenure, oil revenue generated was used for developmental projects in
the country.
According
to him, roads were constructed and jobs were created with the revenue.
“When
we built Terminal 3, look at the number of people that were employed,” he
added.
The
former Finance Minister stated that the government should invest in
infrastructural projects such as constructing roads to aid in the development
of the country.
He
further explained that if funds generated from oil are properly invested, more
jobs will be created in the country.
The
Finance Minister Ken Ofori Atta presented the 2020 budget to parliament today.
The
budget which was named “nkosoor and nkabom” which announced new tax reforms
with special emphasis on income and property tax.
It also revealed that Ghana generates about 4
million dollars from oil revenue.
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