Finally Parliament passes Petroleum Revenue Amendment Bill

  • Published: , Refreshed:

The amended version of the petroleum revenue management regime will provide for the allocation of funds to the Ghana Infrastructure Fund for the purposes of infrastructure development.

24/7 Live - Subscribe to the Pulse Newsletter!

Parliament has passed the Petroleum Revenue Amendment Bill (PRMA).

The bill has gone through different stages of review in the House amidst several changes to the original clauses that make up the Act.

The Bill seeks to amend the existing Act to provide for the allocation of Funds for the Ghana Infrastructure and Investment Funds (GIIF), address issues with the Ghana Stabilization Fund, the benchmark Revenue projection and further empower the Ghana National Petroleum Company (GNPC) to become a commercial entity and a strong operator in the oil and gas sector.

The Deputy Minister for Finance, Cassiel Ato Forson, who earlier moved the motion for the Second Reading of the Bill Wednesday, said the various amendments will not only correct the typographical and other errors in the Act but also ensure constant flow of revenue from the petroleum sector.

He pointed out that the amended version of the petroleum revenue management regime will provide for the allocation of funds to the Ghana Infrastructure Fund for the purposes of infrastructure development.

Presenting the Report of the Finance Committee on the Bill, the Chairman of the Committee, James Avedzi, said the amendment was to provide for the composition of the Investment Advisory Committee.

Credit: starrfmonline.com

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Salaries In 2018 Here are the dates public workers will be paid in 2018bullet
2 Roshi Motman We will be fair and transparent with employees -...bullet
3 Fidelity Bank Nnamdi Okonkwo urges entrepreneurs to embrace evolving...bullet
4 In Lesotho World's fifth largest diamond discoveredbullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet
7 Interest Rate Here are the banks offering the cheapest car...bullet
8 Free Decoder Promo StarTimes launches most affordable...bullet
9 Cryptocurrency Bitcoin slides to below $10,000bullet
10 Retirement How to calculate your SSNIT pensionbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Support Finance minister buys Kantanka carbullet
3 Bozoma Saint John 10 quotes from Uber top official, Bozoma, that...bullet
4 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
5 Plane Crash Starbow suspends operations following plane crashbullet
6 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
7 Entrepreneurship How to be resourceful as an entrepreneurbullet
8 Entrepreneurship How To Get Ready To Get Started |...bullet

Business