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Petroleum fund
Another issue Mr Agyeman cited was the administration of the Ghana Petroleum Fund (GPF), which is made up of the Ghana Heritage Fund (GHF) and the Ghana Stabilisation Fund (GSF).
He noted that the instruments in which the GHF was invested were low risk resulting in low returns, therefore, there was the need to diversify the investment portfolios so that the returns at the end of the day would be quite appreciable.
On the other hand, he explained that although the essence of the GSF is to provide economic buffer in times of unanticipated shocks to the national economy, about 90 per cent of withdrawals from the fund over the 10-year period of oil production has gone into debt repayment.
ENI increases its Ghanaian oil output by 34% to 52,000bpd ghanavisions.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanavisions.com Daily Mail and Mail on Sunday newspapers.
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BY: Emmanuel Bruce
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he Public Interest Accountability Committee (PIAC) has asked the Ministry of Finance to ensure that the priority areas selected for the Annual Budget Funding Amount (ABFA) disbursement are approved by Parliament before implementation, as required by Section 21 (5) of the Petroleum Revenue Management Act (PRMA) (Act 815).
The PRMA provides 12 areas where the ABFA could be disbursed, and out of these, the Ministry of Finance is expected to select four of them after every three years. The areas selected must, however, be presented to Parliament for approval before disbursement.
The priority areas for disbursement expired in 2019 and as such the ministry had to select new priority areas for 2020-2022.