Business News of Saturday, 7 March 2015
Executive Director of the Africa Centre for Energy Policy (ACEP), Dr. Mohammed Amin Adam, has called on the need for industry regulators to enact and enforce laws that will enjoin full disclosure names and company history of beneficiaries of various contracts in the oil and gas industry.
Speaking to the B&FT on the sidelines of TV3 Network’s issues-centered programme dubbed “The Platform” held live from the Best Western Premier Hotel in Accra, he said transparency and openness in the awarding of contracts to prospective companies will enable the general public to ascertain prospective contract beneficiaries have the required competence and experience to carry out the awarded project.
Dr. Amin said the absence of such a law can create a situation where non-sector related firms will acquire and front for contracts, make money for themselves and eventually sell those contracts to a third party.
“We need a law that will enjoin full disclosure of details of the beneficiaries of various contracts in the oil and gas sector. In the absence of such a law, some companies without experience in the business of oil and gas manage to front for contracts and sell them later.
“These companies, in such instances are making money while the country is yet to benefit from the resource,” he said.
“The Platform”, is an 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 also featured seasoned industry players including the founder of IMANI Ghana, Franklin Cudjoe; Dr. Thomas Kojo Stephens, a lawyer and Petroleum Policy Analyst; and Executive Director of KITE, Ishmael Adjekumhene.