‘Let’s strengthen institutions in oil sector’

Business News of Friday, 6 March 2015

Source: B&FT

Oil Gas Fpso

Government must strengthen the various institutions that have oversight responsibilities over activities in the oil and gas industry to ensure transparency and judicious use of revenue from the sector to support socio-economic development, Ms. Otiko Djaba, National Women Organiser of the New Patriotic Party (NPP), has said.

She said strengthening such institutions will facilitate the needed transparency and accountability to keep Ghanaians in the know about how money from the oil sector is being used and also enable the country to pool enough revenue from the sector to sustain economic growth when the oil wealth is no more.

“Ensuring transparency and judicious use of the oil revenue must not be about politics; we must rather strengthen the various institutions with oversight responsibilities in the sector to ensure that there is transparency in the use of revenue from the sector.

“For instance, over the last four years of oil production, we have been able to rake in US$2.7 million but we are still going to the IMF for US$940 million.

“We need to empower these institutions to become more transparent and accountable so that by the time the oil money is no more, the country may have reaped the needed revenue to sustain economic growth,” she said on the sidelines of TV3’s “The Platform” which pooled sector experts and civil society to analyse and dissect the impact of oil production of the national economy after four years of exploration activities.

Speakers and discussants on the second edition of TV3 Network’s flagship programme dubbed “The Platform” including deputy Finance Minister Helen Mona Quartey; Executive Director of the Africa Centre for Energy Policy, Mohammed Amin Adam; and Director of Operations of Ghana National Petroleum Commission, Thomas Manu, will explain, dissect and answer questions that is bothering the minds of Ghanaians on the use of the country’s oil resource.

“The Platform”, is a flagship initiative of TV3 Network that pools sector actors, civil society organisations and the general public to deliberate on pressing national issues.

This year’s edition held at the Best Western Premier Hotel was on the theme – ‘Ghana’s Economy: Four Years after Oil Production’, and it featured seasoned industry players including the founder of IMANI Ghana, Franklin Cudjoe; Dr. Thomas Kojo Stephens, a lawyer and Petroleum Policy Analyst; Dr. Mohammed Amin Adam of the Africa Centre for Energy Policy; and Executive Director of KITE, Ishmael Adjekumhene.