Government of Ghana says it will audit all companies in oil and gas value chain in the country, here’s why

The move, according to the government will be done before the end of this year.

The Deputy Energy Minister, Dr Mohamed Amin Adam said this while he spoke on the sidelines of the JoyBusiness Town Hall Meeting on Oil and Gas held in Accra.

According to him, the move is aimed at checking the cash inflows and expenditure in the sector.

He added that processes are far advanced to audit all companies in the oil and gas.

Dr Anim while reacting to calls for value for money when it comes to oil revenues, explained that this move is to weed out all forms of malfeasance in the sector.

He said, “This audit is so important for us [government]. We think we can generate more revenue for the state when we do this. Transparency is key in this move, and we are bent on seeing it through.”

Meanwhile, the Chairman of the Public Interests Accountability Committee (PIAC), Dr Steve Manteaw, also made a case for a regime in Ghana’s Petroleum and Revenue Management Act that will sanction players who misuse oil revenue.

He pointed out that equipping the ACT with such prosecutorial powers will help firm up public trust in the sector.

“Disappointingly, the PRMA does not provide sanctions for infractions of the ACT so that does not serve as an incentive to comply by the ACT, so we need to see a review of the PRMA to ensure sanctions,” he added.