The Public Accounts Committee (PAC) urgently calls on the Ministry of Finance to bolster oversight and regulatory measures in the upstream petroleum sector. This is a crucial step in our fight against illicit financial flows.
Dr James Klutse Avedzi, Chairman of the PAC, emphasized the need for comprehensive financial integrity in the petroleum sector. He highlighted that while the government actively monitors the downstream sector, similar focus and resources must be applied to the upstream industry to achieve this goal and curb illegal activities.
Dr Avedzi expressed concern that the petroleum sector is a significant conduit for illicit financial flows, referencing a recent presentation that detailed substantial financial losses attributed to these activities. He underscored the need for the Ministry of Finance to actively address these issues actively, emphasizing that responsibility does not lie solely with the Ghana Revenue Authority (GRA).
“The petroleum sector is notorious for illicit financial flows. If we lack the necessary expertise, this sector could drain substantial money from our country,” Dr Avedzi stated, highlighting the potentially devastating impact. “We must ensure that the upstream and downstream sectors are rigorously monitored. To prevent these financial leaks, the Ministry of Finance must step up its efforts beyond what the GRA is doing.”
Dr Avedzi’s comments reflect the PAC’s unwavering commitment to addressing the growing concern over financial transparency in the petroleum industry and its push for enhanced scrutiny to safeguard national revenue.
