Given the current stalemate in Parliament, it seems likely that the tenure of Parliament will end without an amendment to the Petroleum Revenue Management Act (PRMA).
This legislation regulates the management of Ghana’s mineral resources, with oversight provided by the Public Interest and Accountability Committee (PIAC).
Experts in mineral resource management have pointed out several issues with the implementation of the PRMA.
“An example is that they created PIAC but failed to provide funding for the Committee,” said Nasir Alfa Mohammed, a former PIAC member, while providing updates on the developments in the Upstream Oil and gas sector.
“For five years, PIAC was at the mercy of international donors.”
“We now have funding support because of the amendment to the PRMA in 2015.”
“However, several anomalies remain that require attention,” Mr. Mohammed stated, adding that some stakeholders have raised concerns about the implementation, which would have been addressed had Parliament been in session.
“Many of these issues could have been reviewed, and we might have reached consensus on key points for amending the Act.”
Addressing these anomalies would significantly improve the country’s mineral revenue management system.
As of June 2024, PIAC reports 14 active petroleum agreements.
On clean energy, Mr. Nasir Mohammed revealed that a “process is underway” to secure a one-million-euro grant from the United Nations Office for Project Services (UNOPS) for a grid feasibility study aimed at boosting the adoption of clean energy. This comes after establishing the National Energy Transition Framework and Investment Plan.
In the ongoing clean energy discussions, industry stakeholders in Ghana are pushing for “energy progression” to be prioritized within the National Energy Transition Framework and Investment Plan.
