Dr. John Kumah, a deputy finance minister, has encouraged the Public Interest Accountability Committee (PIAC) to take the lead in pushing for a modification of current petroleum agreements so that Ghana might gain more from its oil production.

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He claimed that although the government was eager to increase the nation's involvement in the extractive industry, it was difficult to change the conditions of agreements due to its "interests and limitations".

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“Some people have questioned why our interest in the extractive industries is limited to 10 per cent or 20 per cent of the resources and not 55 per cent or 60 per cent.

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“When such issues are pushed vehemently and raised by PIAC, I believe as a nation we can see changes in the terms. It is not easy based on the contract we have signed but everything is possible once there is a will,” he said.

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During the unveiling ceremony of a new logo for PIAC, as well as the introduction of a revamped website and a data dashboard, Dr. Kumah emphasized the significance of these initiatives.

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The freshly designed logo incorporates elements such as an oil rig, a symbol of an oil droplet, and the Ghana Cedi sign, all strategically chosen to depict the essence and functions of PIAC. The incorporation of the Committee's corporate colors, black symbolizing crude oil, and gold representing wealth, further reinforces its identity.

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The renewed website is a reflection of PIAC's commitment to bolstering its public outreach, enhancing its visibility, and creating avenues for feedback. Additionally, the Data Dashboard has been developed to offer the public user-friendly access to information concerning Ghana's petroleum sector.

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The Data Dashboard serves as an interactive platform showcasing pertinent statistics on oil and gas production, receipts, as well as the allocation and distribution of associated revenues.

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Mr. Kumah underscored that the Government recognizes the complementary role of PIAC's endeavors in the nation's development journey, particularly in the effective utilization and management of oil revenue.

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“I do not think that government sees your contribution as a tango between what government does and what you say. In the end, the objective is for the nation to do better with our oil resources. Every criticism we make should be aimed at making the system better,” he said.

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In an interview, PIAC Chairman Professor Kwame Adom-Frimpong urged the government to finance the committee’s statutory activities to enable it to lead the push for expanding Ghana’s oil stake.

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“Once it is coming from him (Deputy Minister), from here I will follow up to ensure what he wants us to do is done with the needed resources,” he said.

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Prof. Adom-Frimpong also said the committee hoped to be granted prosecutorial powers through the review of the Petroleum Revenue Management Act (PRMA) to ensure that it could enforce compliance with the PRMA laws.

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