London, August 14, 2018 (AltAfrica)-Ghana’s Public Interest and Accountability Committee (PIAC) says it is yet to receive any form of explanation from the country’s Ministry of Finance (MoF) on the whereabouts of over-GH¢400million (about $84million) oil revenues allocated to the Annual Budget Funding Amount (ABFA) in 2017.

The PIAC is Ghana’s premier agency that monitors and evaluates oil revenue spending.

Chairman of the Committee Dr. Steve Manteaw said the MoF was yet to account for the said amount despite PIAC’s persistent calls for clarity on the matter.

Manteaw was quoted on PIAC’s website on Monday to have said this to Ghanaian media during a stakeholder engagement forum with civil society organizations.

“In 2017, slightly over GH¢700million was set aside, thus allocated and approved by Parliament for spending, which is the ABFA.

“By close of 2017, government had managed to spend only GH¢300million out of the GH¢700million, leaving a balance of GH¢400million. The fact is that the unspent GH¢400million is yet to be accounted for,” Manteaw explained.