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PIAC urges gov't against over-reliance on oil

The committee, instead, advise that government pays equal attention to maximizing the opportunities of other sectors of the economy, in order to increase revenue and a more evened growth.

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Chairman for PIAC, Professor Paul Buah-Bassuah, Chairman for PIAC said this to  a gathering of heads of the decentralized departments, heads of departments, traditional rulers assembly members and the media  to educate the participants on the management and utilization of the oil revenue generated in the country.

How Ghana’s Petroleum Revenue is Disbursed

According to him, the country makes only five percent of the royalty interest from the oil revenues and, 70 per cent goes to the Annual Budget Fund Amount (ABFA), while 30 percent goes to Ghana Petroleum Fund (GPF).

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He revealed further that 30 per cent is then divided into two parts and 70 percent is given to the Ghana Stabilization Fund (GSF) while 30 percent is sent to the Ghana Heritage Fund.

Professor Buah-Bassuah urged government to concentrate on other resources of the such as cocoa, timber and Shea nut among others could also generate much revenue if adequate attention is given to them.

He also cautioned government against spending more than 70 per cent of the petroleum revenue to support the budget as this contravenes the dictates of the Petroleum Revenue Management Act.

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