Ministry of Finance denies withholding petroleum revenue data from PIAC

The Ministry of Finance has rejected claims by the Public Interest and Accountability Committee (PIAC) that it failed to provide essential data regarding the utilization of the Annual Budget Funding Amount (ABFA). In a formal clarification, the Ministry insisted it has shared comprehensive information on petroleum revenue receipts and the distribution of funds for the 2026 reporting period. The Ministry emphasized that its reporting remains consistent with the requirements of transparency and public accountability.

Central to the dispute is the allocation of ABFA resources to large-scale infrastructure. The Ministry explained that 2026 funds were specifically designated for the Accra-Kumasi Expressway project. This decision, according to the Ministry, aligns with previous recommendations from PIAC itself, which urged the government to focus petroleum revenues on a limited number of high-impact projects rather than spreading resources thinly across numerous smaller initiatives. By prioritizing the expressway, the Ministry argues it is ensuring that petroleum wealth delivers tangible benefits to national development.

Addressing concerns about local government funding, the Ministry clarified that District Assemblies have not been deprived of their constitutionally mandated share. It confirmed that the five percent ABFA allocation for the District Assemblies Common Fund is currently being disbursed through the Consolidated Fund. The Ministry maintained that it has engaged in consistent communication with PIAC to ensure all necessary data points were accessible for the committee’s oversight duties. Reaffirming its commitment to the Petroleum Revenue Management Act, the Ministry pledged to continue its practice of transparent reporting as PIAC monitors the management of the nation's oil and gas revenues.