Three million of Ghana’s oil revenue was used to build the capacity of the Musicians Union of Ghana (MUSIGHA), according to the Public Interest and Accountability Committee (PIAC).
Speaking on the Morning Starr on Thursday, the Technical Manager of PIAC, Mark Agyemang also revealed that over 91 percent of the total oil revenue has already been utilized.
“We built the capacity of MUSIGHA. We did build the capacity of Musigha and it was 3 million Ghana cedis. Musigha and the general capacity building like Subsidy of exams fee for students, provision of school uniforms, textbooks, provision of chalks were also capacity building just that some of the money found its way into areas that were not into the capacity building like MASLOC, Musigha, Exim Bank and all those areas, you’ll not see their core capacity-building initiative.
“9% [oil revenue] went into the heritage fund, 21% went into the stabilization fund. 30% went to GNPC and 40% has been spent through the national budget…It’s important for Ghanaians to know that we’ve realized $6.523bn oil money and 91% of it has been utilized.”
Mr Agyemang added that Ghana’s debt stock has ballooned since the country started commercial oil production.
“Since we began producing oil, our debt rate has been increasing and 90% of the withdrawals from the stabilization fund have gone to the sinking fund to pay the debt. The stabilization fund has helped but we’re over-relying on the stabilization fund yet we’ve other sources of revenue that we can use to support what the stabilization fund is doing.”