Promptly transfer $100m to PHF – IEA Research Director to Ministry of Finance, BoG

The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, wants the Ministry of Finance, the Bank of Ghana and the Ghana Revenue Authority (GRA) to promptly transfer to the Petroleum Holding Fund (PHF) the $100 million fund that were paid into a different account overseas.

According to him, if the money belongs to Ghana, then the Ghana National Petroleum Commission can’t keep outside the Bank of Ghana custody.

The Public Interest and Accountability Committee (PIAC) yesterday November 17, 2022, insisted that some $100 million of Ghana’s petroleum receipts were paid into a different account other than PHF, flouting the laws of Ghana.

Appearing before the ad-hoc parliamentary committee probing conflict of interest and reckless economic mismanagement allegations against Finance Minister, Ken Ofori-Atta, Vice Chair of PIAC, Abdul Nasir Alfa Mohammed said “we explored all the laws, in our opinion, that border around this issue and we still came to an independent opinion, which we stand by on any day, that those revenues ought to have formed part of the revenues of Ghana and to have been deposited in the petroleum holding fund and not in any other account”.

But in a tweet, Dr. Kwakye said “The question is whether the $100 million belongs to Ghana or not. If it does, then GNPC can’t keep outside BoG custody. The Min. of Finance, BoG and GRA must ensure that the money is promptly transferred to the PHF held by BoG”.

He also said that all public officials resigning from their positions or being sacked must be made to declare their assets before they leave office.

“All those resigning from office or being sacked must be made to declare their assets before they leave and this must be compared with the declaration when they assumed office. OSP, over to you!”

source: myjoyonline.com