Parliament passes Petroleum Revenue Management Bill

Parliament has passed the Petroleum Revenue Management (Amendment) Bill, 2015. The Bill is aimed at addressing some inconsistencies and operational challenges in the management of revenue from the oil and gas sector. 

The Deputy Minister of Finance, Cassiel Ato Forson, who moved the motion for the Third reading, said the bill will not only correct the typographical and other errors in the original Act, Act 815 but also ensure consistent flow of revenue from the petroleum sector for national development. 

It again makes provision for the allocation of funds from petroleum revenue to the Ghana Infrastructure and Investment Fund to bolster infrastructure development. 

The Chairman of the Committee on Finance, James Klutse Avedzi, observed that the Bill will make Ghana National Petroleum Corporation (GNPC) , an operator in the field and empower it to borrow on the strength of its own balance sheet and not rely on central government guarantees.

He further noted that the amendment bill did not change the substance of Act 815 but clarified some issues for the smooth implementation of the Act. 

GBC