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Finance Ministry fails to account for ABFA for 3rd time – PIAC
The Ministry of Finance has for the third consecutive year failed to account for unutilised Annual Budget Funding Amount (ABFA) of oil revenues,the Public Interest and Accountability Committee (PIAC) has disclosed.
In its 2019 annual report on the management and use of petroleum revenues launched in Accra yesterday, the committee revealed that the amount stood at GH¢1.5 billion at the end of 2019.
The ministry was also cited for violating portions of the Petroleum Revenue Management Act (PRMA) 893 and Ghana Investment Infrastructure Fund (GIIF) Act 877.
The Chairman of the Committee, Mr Noble Wadzah has therefore urged parliament to bring its oversight mandate to bear on the ministry’s “impunity and failure for not accounting for unutilised ABFA” and other violations.
The 2019 PIAC Report covering the period January to December, encompasses issues including the management and utilisation of petroleum revenues and findings pertinent to the performance of various institutions in the sector.
It is inline of PIAC’s statutory obligation under the Petroleum Revenue Management (Amendment) Act, 2015 (Act 893), which enjoins PIAC to publish reports to keep the citizenry updated on petroleum revenue and solicit feedback.
Giving highlights of key findings of the report, Mr Wadzah said the total ABFA available for spending last year was GH¢2.7 billion out of which GH¢1.2billion was utilised leaving a balance of GH¢1.5 to be utilised and accounted for.
“For the third consecutive year, not only has a sizeable proportion of the ABFA not been fully utilised but it has not been accounted for, impeding PIAC’s appreciation of the full scope of accounting to the public on the utilisation of our petroleum revenues “, he said.
In the same period, he disclosed that 45.14 per cent of the actual ABFA was spent on recurrent expenditure, with 54.86 per cent on capital expenditure in violation of Section 8(4) (a) of Act 893 which required that a minimum of 70 per cent be spent on public investment expenditure.
Additionally, he said for the second consecutive year, “there was no allocation from the ABFA to the Ghana Infrastructure Investment Fund (GIIF), contrary to the provisions of the PRMA and GIIF Act 877.”
The PIAC report reiterated its call on Parliament to restrict portions of the Ghana National Petroleum Corporation’s (GNPC) corporate social responsibility (CSR) and guarantees to state institutions, especially since the corporation was unable to respond to some of its cash calls.
It disclosed that the corporation provided guarantees amounting to US$645.5 million to state-owned enterprises (SOEs) last year and was almost double, compared with the previous years’ guarantees while it outweighed its total equity financing expenditure of US$164.79 million for the period.
“GNPC’s expenditure on Corporate Social Initiatives (CSI) remains high, increasing from GH¢41.49 million in 2018 to GH¢49.98 million in 2019”, the report stated.
The report also asked the government to address the indebtedness of the Ghana National Gas Corporation as it was unable to pay $334.6 million worth of raw gas received from GNPC, largely due to Volta River Authority’s debt.
The report revealed that US$925.04 million was disbursed from the Petroleum Holding Fund for the period under review, constituting a decrease of 5.33 per cent from that of 2018, and 14.41 per cent less than projected for 2019.
On production, the report said, a total of 71.4 million barrels of oil was obtained from the three production fields, exceeding 2018 production by 15 per cent while gas production shot up by 85 per cent to 169,508.61 million standard cubic feet of gas.
The President of the Ghana Journalist Association (GJA) Roland Affail Monney, commended PIAC for keeping Ghanaians up to speed about the oil sector and urged it to continue living up to expectation.
Source: Ghanaian Times
About 200 company secretaries, governance professionals and institutional leaders will gather in Accra for the ‘Company Secretaries Summit’ next month.
It is aimed at strengthening governance practices and enhance boardroom effectiveness across the country.
The summit, which is scheduled for July 16 at the Labadi Beach Hotel seeks to equip governance professionals with the knowledge, skills, and networks required to navigate the increasingly complex demands of modern corporate leadership.
It will feature keynote presentations, panel discussions, and interactive sessions focusing on emerging governance trends, boardroom dynamics, regulatory compliance, digital transformation, and stakeholder expectations.
According to the convener, Catherine Engmann, the summit comes at a critical time when governance professionals are under growing pressure to support sound decision-making, strengthen governance culture, and respond effectively to changing institutional and regulatory environments.
“This gathering is not just another conference. It is a platform for governance leaders who are already operating at the highest level and intend to stay there,” she said.
She noted that the programme was designed to provide participants with practical tools, fresh insights, and valuable professional connections.
According to Ms Engmann, a major highlight of the event will be the awards ceremony, which will recognise individuals and organisations that have demonstrated excellence in governance practice and made significant contributions to improving board effectiveness and corporate accountability.
She mentioned that the summit will also offer participants an opportunity to benchmark their practices against industry standards, exchange ideas with peers, and explore innovative approaches to governance challenges.
Beyond the formal sessions, the event is expected to foster networking and collaboration among governance professionals, helping to strengthen governance practices across Ghana’s corporate and institutional landscape.
Speaking about the vision behind the initiative, Ms Engmann, said the summit was inspired by the need to create a dedicated platform that recognises the critical role played by company secretaries and governance professionals.
According to her, the Company Secretaries’ Summit and Awards reflects her conviction that Ghana’s governance professionals deserve an annual platform where they can engage in meaningful discussions, build strategic relationships, and receive recognition for their contributions to effective governance.
Registration for the summit, she said was currently open, with interested professionals encouraged to secure their participation ahead of the event.
By Esinam Jemima Kuatsinu
-1 cup dried soya beans
-4–5 cups for water (for blending)
-Extra water for soaking
-Sugar, honey or dates (optional, for sweetness)
-Vanilla extract (optional)
Preparation
-Pick through the beans to remove stones or damaged seeds and rinse thoroughly
-Place them in a large bowl and cover with plenty of water. Soak for at least eight hours or overnight to soften it to blend easier
– After soaking, rub the beans with your hands as the skin begins to remove
– Removing the skins helps reduce the ‘beany’ taste and improves texture
– Put the soaked beans into a blender with 4–5 cups of clean water
-Blend until smooth and milky. (You may need to do this in batches depending on your blender size).
– Using a clean muslin cloth or fine sieve, strain the blended mixture into a pot. (Squeeze well to extract as much liquid as possible).
-The leftover pulp is called okara. Don’t throw it away — it can be used in baking, porridge, or even added to stews.
– Place the strained milk on medium heat and make it boil. Stir continuously to prevent burning or overflowing.
– Allow it to boil for at least 20–25 minutes. Proper boiling removes the raw taste and neutralises natural compounds that can upset the stomach.
-Once boiled a little sugar or honey. Pulse.gh
Health benefits of Soya beans
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