The Public Accounts Committee (PAC) has called on the Ministry of Finance to strengthen its oversight of the upstream petroleum sector to curb illicit financial flows.
While the government has been diligent in monitoring the downstream sector, PAC stressed that similar attention and resources must be allocated to the upstream sector to ensure comprehensive financial integrity and prevent illegal activities.
Dr. James Klutse Avedzi, Chairman of the Public Accounts Committee of Parliament, emphasized the need for the government to actively seek expertise to address these illicit activities effectively.
He expressed concerns about the significant financial losses due to illicit financial flows in the petroleum sector, citing a presentation that highlighted these substantial losses.
Dr. Avedzi questioned the Ministry of Finance’s efforts in preventing illicit financial flows in the upstream sector, underscoring that it is not only the responsibility of the Ghana Revenue Authority (GRA) but also the Ministry of Finance. He called for increased scrutiny and proactive measures to prevent financial losses and ensure transparency in the petroleum sector.
“I have a serious issue that we must consider as a country. The petroleum sector is one of the sectors where illicit financial flow occurs frequently. If we don’t have the expertise, this is an area where we can lose a significant amount of money,” Dr. Avedzi stated. “I was trying to reference the presentation by Dr. Ali, but I couldn’t find the exact figures. However, it clearly showed the substantial financial losses we are experiencing through the petroleum sector.”
Dr. Avedzi continued, “If we are monitoring the downstream sector, what about the upstream? What is the Ministry of Finance doing, along with the GRA, to ensure that illicit financial flows do not thrive in the upstream petroleum sector?”
The PAC’s call to action underscores the necessity for a robust and holistic approach to monitoring the petroleum sector, ensuring that all levels are safeguarded against financial malfeasance and that the country’s resources are protected.
