The Public Interest and Accountability Committee (PIAC), Ghana’s statutory watchdog on petroleum revenue management, is facing a financial crisis that threatens its survival and operations following its removal from the Annual Budget Funding Amount (ABFA).
At a virtual media engagement on the committee’s 2025 Semi-Annual Report on Friday, October 24, PIAC’s Executive, Isaac Dwamena, Esq., painted a grim picture of the institution’s financial health and its implications for accountability in Ghana’s oil sector.
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“The future is bleak for PIAC. We are required by Legislative Instrument 2381 to hold at least two public engagements each year. This year, we have managed to organize only one — and even that was funded by Good Governance Africa,” Mr. Dwamena revealed.
He explained that the Committee’s ability to fulfil its statutory obligations has been severely constrained since being delisted from the ABFA and reportedly put on the Consolidated Fund, which previously served as its main source of funding.
“If we continue this way, the very institution mandated to monitor compliance by others will itself be breaching the Act,” he cautioned.
Mr. Dwamena disclosed that PIAC’s financial position had deteriorated to the point where its accounts were almost red, making it difficult to carry out even basic activities.
He expressed disappointment that the Ministry of Finance failed to consult PIAC and other key stakeholders before amending the Petroleum Revenue Management Act (PRMA), which effectively removed PIAC from the ABFA.
“The PRMA was born out of broad stakeholder engagement. It would have been expected that, before major amendments were made, the Ministry of Finance would have consulted PIAC. Unfortunately, that did not happen,” he said.
According to him, PIAC had previously written three official letters to the Minister for Finance requesting a meeting to discuss the funding concerns, but had not received any response.
He noted, however, that the committee had previously enjoyed a cordial working relationship with past finance ministers and even engaged President John Dramani Mahama on the issue in July.
“The President promised to draw the Minister’s attention to the matter, but we are yet to see any action,” Mr. Dwamena stated.
PIAC was established under the Petroleum Revenue Management Act (Act 815) to promote transparency and accountability in the use of petroleum revenues. With its removal from the ABFA, observers fear that the committee’s independence and oversight functions may be at risk.