Ghana may not be able to flourish like other oil producing countries even after a century, if the proceeds from its oil and gas sector are not properly accounted for.
That’s according to the Chairman of the Public Interest and Accountability Committee (PIAC), Dr. Steve Manteaw.
According to him, the lack of transparency and accountability that characterize the country’s oil revenue collection mechanisms are inimical to the progress of Ghana.
Many continue to wonder why Ghana has not been able to make significant strides in its developmental agenda having discovered oil and gas deposits some eleven years ago.
But speaking at a ceremony on Ghana’s oil exploration licensing, Dr. Steve Manteaw said “We are afraid that, if we don’t take care based on the abuses we’ve seen so far since we started producing oil in this country, we may produce oil for another hundred years and nothing in our lives, in terms of progress will be effected by these oil revenues.”
“It doesn’t make sense to me that while we open up the [oil] contracting process to public scrutiny we go on a trajectory of not properly accounting for the revenues that are derived from the execution of these contracts”, he stressed
Oil blocks bidding must be transparent and efficient – Nana Addo
President Nana Addo Akufo-Addo has charged the Ministry of Energy, the Petroleum Commission, the Ghana National Petroleum Corporation (GNPC) and the Licensing Rounds Committee to co-operate and ensure that activities under the first oil and gas licensing round are transparent.
“The Ministry of Energy will engage with the operators, after the review, on the adoption of best methods for increasing oil recovery rate. For Petroleum Agreements that are dormant, the Ministry will encourage the operators to consider inviting stronger partners to join them or risk the termination of these Petroleum Agreements, should they persist in failing to meet their minimum work obligations,” President Akufo-Addo added.