The People's Independent Movement (PIM), a pressure group, has commended Parliament of Ghana for amending clause five of the Petroleum Revenue Management Bill (PRMB).
The amendment would permit Government to use petroleum funds as collateral to raise loans for development projects.
The PIM in statement issued on Friday and signed by Nana Addo-Aikins,
its spokesperson, said a "No Vote" against the proposed amendment could have
been a disaster and sabotage to Government's agenda to develop the country.
The statement said even though the existing law appeared to be safeguarding the use and proper utilization of petroleum funds in areas of
probity and accountability, its over-riding powers against government's application of petroleum funds created a situation in which government would find it difficult to function for its limited ability to access funds for
national development.
"The law, which gives a strong hand to a "Petroleum Account" to the exclusion of government control, also contravenes the normal state policy in public accounting," the group said.
The statement said in as much as PIM supports the call for a 10 per cent share of the oil revenue to be given to people of the Western Region it was of the opinion that the revenue should be utilized by government to develop the region.
It said PIM believes the politics of regionalism and federalism, which were being touted by certain politicians in relation to the Western Region's demand for a 10 percent, was an idea of a finished job in the 1956 Plebiscite in Trans Volta Togo land, now Volta Region.
"With the District Assemblies bringing development, resources and political administration to the doorsteps of the people, the call for regionalism in Ghana today simply defies intelligence and logic, since the idea which is politically bankrupt has nothing to offer the nation except chaos, bloodshed and under-development".