Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny when the Public Interest and Accountability Committee makes public its first detailed report.

The 13-member statutory committee was inaugurated last year following the passage of the Petroleum Revenue Management Act to monitor and evaluate how the government manages and uses petroleum revenues.

Chairman of the communications sub-committee, Yaw Owusu Addo told Joy News today’s report will comprehensively highlight government’s failures and successes in the management of oil and gas revenue.

“The laws just want to avoid situations that we have had in other countries where oil has been found and in our case we just want to be sure that we dispel all notions of stealing or whatever. We want to be transparent.

“So it is opened, everything about it is there; where we got it wrong, where we got it right is all there, and all the advice.”

Meanwhile, the Ministry of Finance has endorsed a report released Wednesday by the Institute of Economic Affairs that gives a perfect score of a hundred percent for the transparent way the sector minister has handled oil and gas revenue.

Deputy Finance Minister, Seth Tekper told Joy News the sector Minister has done enough to deserve the perfect score.

“We did our best to meet the stringent requirement of the Petroleum Management Act, and yes we are glad the report is positive on our performance in the initial year of accounting for the oil revenue. We will be improving as far as the Ministry of Finance is concerned, but part of the improvement will also come when other agencies begin to do their work.”

Meanwhile, the Extractive Industry Transparency Initiative has supported the finance ministry’s commitment to further improve its transparency in dealing with oil and gas revenues despite the perfect score awarded the finance minister.

Source: Joy News/Myjoyonline/Ghana

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