$30m Oil Money Pumped Into KIA Terminal 3

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Chairman of the Public Interest and Accountability Committee (PIAC), Dr. Stephen Manteaw has uncovered that, the sum of Thirty Million Dollars ($30m) of oil proceeds was spent for the construction of the Terminal Three of the Kotoka International Airport (KIA).

This amounts to 12% of the total funding of the $250 million project which was from the Annual Budget Funding Account’s (ABFA’s) allocation to the Ghana Infrastructure Investment Fund’s (GIIF’s) in 2016. While the rest was sourced from Africa Development Bank and Development Bank of Southern Africa (DBSA).

Dr. Manteaw who emphasized the relevance in identifying projects that are being funded with proceeds from oil at a workshop organized by the Institute of Financial and Economic Journalists (IFEJ) and German Development Corporation (GIZ) in Koforidua in the Eastern Region on February 16, noted that, “labelling of projects that are being funded by proceeds from oil is critical for Ghanaians to appreciate how their resources are being used.”

He has however called on government to provide PIAC with information on all physical infrastructural projects it intended to fund with petroleum revenue this year.

According to the Graphic Business, its checks indicates that, the Ghana Airports Company Limited (GACL) had already started servicing loans secured for the construction of the terminal three with revenue from the airport tax.

Dr. Manteaw is however confident GACL is capable of repaying the loan within the shortest possible time. These were his words, “Unlike other public institutions, GACL is properly managed without government interference in its day-to-day activities, and so we have confidence that investment used for the project will soon be returned.”

His comments were contained in the 2017 PIAC report, which also had that, cumulative investments in short-term instruments in 2015 and 2016 stood at $63.2 million at the end of 2017, same as for 2016. Interest gained for 2017 stood at GH¢26.8 million, bringing total interest since 2015 to GH¢49.3 million, or $11.2 million.

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