PIAC faces funding shortfall after PRMA amendment

Public Interest and Accountability Committee (PIAC), the statutory body overseeing the management of oil and gas revenues, has reported a significant 78% reduction in its budget following recent legislative changes.

According to PIAC’s 2025 Semi-Annual Report, the amendment to the Petroleum Revenue Management Act (PRMA) has removed the Committee’s guaranteed funding from the petroleum-funded Annual Budget Funding Amount (ABFA).

Under the new arrangement, PIAC is now required to obtain financing directly from the Ministry of Finance—the same institution it is mandated to monitor.

The report indicates that for 2025, PIAC submitted a budget proposal of GH¢20.89 million but received approval for only GH¢4.6 million, representing 21.43% of its request.

“This significant budget cut has severely limited PIAC’s ability to effectively fulfil its statutory mandate,” the report notes, adding that the change “effectively returns PIAC to its pre-2016 era” of underfunding and donor dependence.

Chairman Constantine K.M. Kudzedzi Esq. expressed concern over the implications of the funding shortfall, saying it undermines the transparency and accountability objectives of the PRMA.

The report adds that the budget reduction has constrained PIAC’s core operations, including public education initiatives and field inspections of petroleum-funded projects.

Project inspections in the first half of 2025 were 16.67% lower than the same period in 2024, according to the report.