Parliament by consensus, Wednesday, passed the Petroleum Revenue Management (Amendment) Bill into law.
A majority voice vote from the half-packed House ensured the smooth passage of the Bill into an Act when the First Deputy Speaker of Parliament, Ebo Barton-Odro, who presided over the affairs, pronounced the Bill duly passed after going through a third reading.
“Hon. Members, the Petroleum Revenue Management Amendment Bill 2015 duly read the third time and passed,” he announced the delight of the law makers.
The purpose of the Bill was to amend the Petroleum Revenue Management Act, 2011 (Act 815) to provide for the allocation of funds to the Ghana Infrastructure Investment Fund for the purposes of infrastructure development and to provide for the composition of the Investment Advisory Committee and formulated matters.
Act 815 was enacted to provide a framework for the collection, allocation and management of petroleum revenue in a responsible, transparent, accountable and sustainable manner for the benefit of the citizens of Ghana in accordance with the 1992 Constitution.
However, the implementation of Act 815 exposed some inconsistencies and typographical errors that needed to be rectified, hence, the amendment to conform to the intendment of the drafters.
The substance of Act 815 was generally maintained in the Bill, according to the Chairman of the Finance Committee of Parliament, James Klutse Avedzi.
Section 48 of Act 815 as amended in the Bill requires the Minister of Finance to present a report to Parliament describing the stage of implementation of the programmed activities funded by the expenditure incurred on the activities covered by the Annual Budget Funding Amount, and to indicate the portion of the Annual Budget Funding Amount allocated to the Ghana Infrastructure Investment Fund.
The amendment sought to ensure that budgetary allocation is made for the benefit of the Ghana Infrastructure Investment Fund.