Sunday, 17 November 2019

Gov’t criticized for failing to properly account for oil revenues

Image result for Seth Terkper


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.

Mr Terkper, however, said the budget did not reflect the name it was given as he explained that it lacked accountability. 

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