The Public Interest and Accountability Committee (PIAC) has called for stronger safeguards in the management of Ghana’s petroleum revenues to ensure the country converts its finite oil resources into sustainable economic wealth.
The Committee said improved transparency and public participation must be complemented by effective implementation of recommendations, strategic investments and stronger institutional independence to maximise the development impact of petroleum revenues.
The call formed part of activities marking PIAC’s 15th anniversary in Accra, where stakeholders assessed Ghana’s petroleum revenue management over the past decade and a half and identified reforms needed to strengthen accountability.
Mr Richard Ellimah, Chairman of PIAC, said the Committee had remained committed to its statutory mandate under the Petroleum Revenue Management Act, 2011 (Act 815), through the publication of reports, project inspections, public engagements and participation in policy discussions.
He said the interventions had helped strengthen transparency and accountability in the management and use of petroleum revenues.
Mr Ellimah stressed that natural resource management was a collective responsibility requiring active participation from government, Parliament, oversight institutions, civil society organisations, the media, academia, traditional authorities, development partners and citizens.
He urged the public and the media to continue demanding information and scrutinising decisions on the allocation and use of petroleum revenues.
Mr Noble Wadzah, a former PIAC Chairman, said the Committee’s 15-year experience had shown that transparency alone could not guarantee accountability.
He said institutions responsible for implementing PIAC’s recommendations must take concrete action to ensure that identified weaknesses in petroleum revenue management were addressed.
“Transparency alone is not enough,” he said, stressing that effective implementation of recommendations was critical to improving accountability.
Mr Wadzah said PIAC had published 29 statutory reports over the past 15 years, with some recommendations influencing public policy, legislation and decisions by state institutions.
He said the Committee had also inspected projects funded with petroleum revenues and engaged citizens to improve public understanding of how the country’s oil revenues were managed.
Looking ahead, Mr Wadzah called for stronger financial and operational independence for PIAC, arguing that adequate resources were essential for the Committee to effectively perform its oversight role.
He also urged the protection of intergenerational equity safeguards and cautioned against spreading petroleum revenues across numerous small projects.
He said the finite nature of petroleum resources required Ghana to prioritise strategic and sustainable investments capable of generating long-term economic returns.
Mr Isaac Adongo, Chairman of Parliament’s Finance Committee, similarly called for a clear legislative framework to guarantee PIAC’s funding.
He said the Committee’s financial sustainability should not depend solely on discretionary government decisions, given its critical role in monitoring petroleum revenue management.
Mr Adongo said Ghana needed a broader national conversation on how petroleum revenues could be managed to build wealth for future generations instead of being predominantly consumed in the present.
He cautioned that without stronger safeguards for long-term savings and investment, Ghana risked leaving future generations with an “empty bucket.”
Professor Akosua Darkwah, Chairperson of the anniversary occasion, said PIAC’s 15-year journey reflected Ghana’s recognition that the discovery of natural resources did not automatically translate into economic development.
She said the experience of oil-producing countries demonstrated that development outcomes depended largely on the decisions taken on the management, allocation and investment of resource revenues.
Professor Darkwah cited Norway’s decision to invest surplus oil and gas revenues as an example of how deliberate resource management could enable countries to transform natural resource wealth into long-term national development.
The anniversary was held on the theme: “PIAC at 15: Advancing Resource Governance through Transparency and Accountability for Sustainable Development.”
It provided an opportunity for stakeholders to assess Ghana’s petroleum revenue governance and consider reforms aimed at ensuring that the country’s remaining oil wealth delivers lasting economic and social benefits.
