Accra: Parliament's Finance Committee has emphasized the necessity for a legal framework to ensure sustainable funding for the Public Interest and Accountability Committee (PIAC), safeguarding its operations from potential shifts in government policy.
According to Ghana Web, during PIAC's 15th anniversary event, held on August 19, 2026, Isaac Adongo, a member of Parliament's Finance Committee, praised the committee for its role in promoting transparency and accountability in managing Ghana's petroleum revenues over the past 15 years. Adongo highlighted PIAC's significant contribution to preventing the misuse of petroleum funds and enhancing public financial management. He acknowledged PIAC's persistent efforts in seeking accountability when petroleum revenues were not properly documented.
Adongo expressed concern regarding PIAC's funding, particularly in light of reforms affecting the Annual Budget Funding Amount (ABFA), a significant source of financing for PIAC's operations. He emphasized the risks associated with relying on government officials' goodwill for financing PIAC and stressed the need for its funding to be legally protected. Adongo stated, "There must be a clear definition of what the law says should be provided for your business," highlighting the absence of a legal mandate requiring government funding for PIAC as a significant risk.
Furthermore, Adongo addressed concerns about the allocation of Ghana's petroleum revenue, noting an excessive focus on addressing current development needs at the expense of saving for future generations. He compared Ghana's approach to that of countries like Norway, which have successfully established substantial sovereign wealth funds from natural resource revenues. Adongo called for a national dialogue on strengthening the country's savings for future generations, particularly through the Ghana Heritage Fund, cautioning against decisions that could undermine the fund's integrity.