The Public Interest and Accountability Committee (PIAC) says several major infrastructure projects, including the Atuabo Gas Processing Plant, Terminal 3 at Kotoka International Airport and the Flower Pot Interchange, have been financed wholly or partly with Ghana’s petroleum revenue.
The disclosure comes amid growing concerns among some Ghanaians about the benefits the country has derived from its oil resources since commercial production began in 2011.
Speaking on Burning Issues with Akua Boakyewaa Yiadom, Executive Secretary of PIAC, Isaac Dwamena Esq., acknowledged that concerns about the visibility of petroleum revenue-funded projects were legitimate.
According to him, petroleum revenue was expected to support major projects that citizens could easily identify, but successive governments have often used the funds to supplement other sources of financing rather than fully finance standalone projects.
Mr Dwamena explained that the Atuabo Gas Processing Plant was initially constructed with a loan, which was subsequently repaid using petroleum revenue.
He also disclosed that $30 million in petroleum revenue was invested in the construction of Terminal 3 at the Kotoka International Airport.
According to him, the investment has since generated $19 million in profit since the terminal began operations.
Mr Dwamena further disclosed that more than GH¢100 million in petroleum revenue was invested in the construction of the Flower Pot Interchange.
He added that GH¢2.6 billion in petroleum revenue had also been invested in the government’s Agenda 111 hospital projects.
However, he noted that only three of the projects had been completed and said PIAC had recommended that the government use petroleum revenue to complete the remaining projects.
Mr Dwamena stressed the need for petroleum revenues to be directed towards projects that would provide visible and lasting benefits to Ghanaians.
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