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11.04.2019 Headlines

Full List: Oil Funded Road Projects, Others

By News Desk
Full List: Oil Funded Road Projects, Others
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The Ministry of Finance has released the list of approved projects being funded with the Annual Budget Funding Amount (ABFA) of Ghana's oil revenues.

The Ministry had earlier engaged the Ministries, Departments and Agencies (MDAs) to provide the utilization and the cash plan of their ABFA allocations in the 2019 budget, following the recommendations of the Public Interest and Accountability Committee (PIAC).

The Ministry published the breakdown in a bid to ensure transparency and accountability.

Click here for the full list

Per the Petroleum Revenue Management Act (PRMA), after the Ghana National Petroleum Commission (GNPC) receives its portion of oil profit, 70 percent of the remaining profit must be lodged in the ABFA.

The law also stipulates that 70 percent of the ABFA must be invested in infrastructure projects with the remaining 30 percent to be allocated to priority areas, including education.

–citinewsroom

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