Mahama decries use of petroleum funds for expenditure ghanaiantimes.com.gh - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanaiantimes.com.gh Daily Mail and Mail on Sunday newspapers.
The arduous task of raising US$60.9 million annually for interventions under the National Export Development Strategy (NEDS) is raising uncertainty over the country’s ability to increase Non-Traditional Export revenue from US$2.8 billion in 2020 to US$25.3 billion in 2029. The strategy, which was launched in 2020 has a 10-year funding…
The petroleum sector is a major part of Ghana’s economy
The Public Interest and Accountability Committee (PIAC) says the implementation of the Petroleum Revenue Management Act (PRMA) has been largely impactful in the last 10 years despite some challenges.
It said among the notable achievements arising from the committee’s recommendations were the procurement of a Loss of Production Insurance by the Ghana National Petroleum Corporation (GNPC) for Jubilee, TEN, and SGN Fields and Parliament’s directive to GNPC to stop spending on non-core areas and the subsequent cancellation of the Corporation’s sponsorship deal with the Black Stars.
In addition, the Ghana Revenue Authority’s (GRA) retrieval of about US$50 million through the tax audits of Kosmos Energy and Tullow Ghana, Improvements in the payment of Surface Rentals by International Oil Companies since 2017, resulting from engagements with the Petroleum Commission, Bank of Ghana, and GRA; and, Bridging the tax audit gap