Dr Cassiel Ato Forson
The Ministry of Finance has rejected a claim by the Public Interest and Accountability Committee (PIAC) that it withheld information on the utilisation of the Annual Budget Funding Amount (ABFA), saying it provided the committee with petroleum revenue data and explanations on how the funds are being managed.
In a statement issued on Friday (October 23), the Ministry said it had shared petroleum receipts and distribution data with PIAC and explained the arrangements for using ABFA resources, including the decision to ring-fence the funds for the Accra–Kumasi Expressway.
The Ministry said all funds allocated to the expressway, including the total ABFA realised in 2026, had been ring-fenced and would be used for construction once the contract was awarded.
It said the decision followed PIAC’s recommendation to avoid spreading petroleum revenues thinly across numerous projects with limited economic impact, arguing that concentrating the funds on the expressway would support a major national infrastructure investment.
According to the Ministry, its officials participated in PIAC’s virtual validation workshop and held in-person meetings with the committee, during which they explained petroleum revenue receipts, distribution and the arrangements for ABFA utilisation.
It said the exclusion of ABFA utilisation data from PIAC’s 2026 Semi-Annual Report should not be interpreted as evidence that the Ministry withheld information.
The Ministry also rejected concerns that the ring-fencing arrangement had deprived District Assemblies of their share of the petroleum revenue.
It said the five per cent share of ABFA due to the District Assemblies Common Fund (DACF) was being paid from the Consolidated Fund, adding that Metropolitan, Municipal and District Assemblies had not been shortchanged.
The Ministry said it would continue to provide PIAC with information required to fulfil its oversight mandate and publish details on petroleum revenue management through the Annual Report on Petroleum Funds, Petroleum Reconciliation Reports, Budget Statements and other fiscal reports.
