The Public Interest and Accountability Committee (PIAC) has urged International Oil Companies (IOCs) to be mindful not to deposit funds other than petroleum revenues into the Petroleum Holding Fund (PHF).
In its 2023 semi-annual report, PIAC noted that Kosmos Energy Ghana Limited mistakenly paid withholding tax into the PHF in 2020 and 2021, totaling $3,999,325.65.
It emphasized that such actions are not conducive to the effective evaluation of petroleum revenues.
PIAC therefore stressed that IOCs should only deposit petroleum revenues into the PHF to ensure effective monitoring and evaluation of petroleum revenues.
“To ensure effective monitoring and evaluation of petroleum revenues, IOCs should be mindful not to pay monies other than petroleum revenues into the PHF,” PIAC stated.
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CitiBusiness
