Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has revealed that all ministers who are resigning or being sacked should be made to declare their assets.
According to him, the Office of the Special Prosecute must ensure that these persons do the needful to ensure transparency.
“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.”
Dr John Kwakye
Dr Kwakye’s tweet followed the OSP’s earlier announcement in a statement that it has commenced investigations into the alleged corruption by the sacked Minister of State at the Finance Ministry Charles Adu Boahen.
The statement stated that the OSP has “promptly commenced investigations into the action of Mr Charles Adu Boahen” and any other implicated persons contained in the investigative exposé, ‘Galamsey Economy’.
Commenting on the Public Interest and Accountability Committee (PIAC) insistence that the decision to pay $100million oil revenue to safe haven rather than the Petroleum Holding Fund (PHF), was contrary to the law, Dr Kwakye stated that the real question is whether the $100 million belongs to Ghana or not.
He indicated that if it does, then GNPC can’t keep it outside BoG custody.
“The Min. of Finance, BoG and GRA must ensure that the money is promptly transferred to the PHF held by BoG.”
Dr John Kwakye
GNPC’s involvement in the Petroleum Holding Fund
The IEA Director of Research stated that the Ghana National Petroleum Commission (GNPC) has no right whatsoever to keep petroleum receipts intended for the country in any account outside the PHF either within or outside Ghana.
He noted that the Minister of Finance, Bank of Ghana and the Ghana Revenue Authotiry have a responsibility in ensuring that that doesn’t happen.
“The Minister of Finance, BoG, GRA and GNPC all have a responsibility under the PRMA in ensuring that all petroleum receipts due the Republic are paid promptly into the PHF held by BoG. None of these duty bearers can escape blame for GNPC keeping petroleum receipts outside the PHF.”
Dr John Kwakye
It will be recalled that the Minority accused the government of its inability to account for over $100 million of oil funds that accrued to the state relative to petroleum lifting in the first quarter of 2022.
Yapei Kusawgu lawmaker, John Jinapor, who doubles as a ranking member of the Mines and Energy Committee of Parliament, in a statement on September 29, 2022, highlighted that the decision by the current NPP government to transfer revenues accruing from about “944,164 bbls of crude lifting in the Jubilee and TEN fields” to a company established in a safe haven outside Ghana, without parliamentary approval, amounts to a gross violation of the Petroleum Revenue Management Act, 2011 (Act 815) and Public Financial Management Act (Act 921).
The minority indicated that it is “very much alarmed” that contrary to requirements of the PRMA, revenues accruing from the nation’s oil fields “are not being paid into the Petroleum Holding Fund (PHF)”.
