Oil and gas scare; Veep allays fears
Fears over Ghana’s oil find becoming a curse rather than a blessing has been down played by the Vice President. John Dramani Mahama assured Ghanaians that strong legislations passed to regulate the sector are enough to forestall any unfortunate development.
The Vice President was speaking at this year’s Graphic Business Forum held in Accra.
Various institutions and professional bodies have appealed for caution in the oil sector since its discovery. Two laws have since been passed with a third one waiting for Parliament to give its consent.
Vice President JohnMahama said the Petroluem Revenue Management Act has made room for astabilization and heritage fund to cushion Ghana against unpredictable global financial environment.
“What guarantees that Ghana’s oil rersources will not be a curse but a blessing is the fact that we discovered this natural resource at a time that democracy is being firmly anchored in Ghana. Democracy, transparency, a vibrant media, constitutional governance are a critical check in ensuring that things are handled transparently and accountably. And that is why I believe that in an era where we have discovered oil and gas in a deepening and entrenching democracy, Ghana will not go the way of other countries.”
The Vice President, however, stressed the importance of strong democratic institutions in ensuring that oil resources are used judiciously.
A lawyer, Adu Anane Antwi said many countries are using ICT and oil and gas to develop their economies. He called for the capital market local content law to safeguard the oil and gas sector.
“We will want to see ICT and oil and gas being used to develop our capital market. There is therefore a need to have a local capital market law.”
The Chief Executive of Graphic communications, Ken Ashiagbe called for the development of human resource which will develop the country and not the natural resources.
“We believe that we have gotten to a time that our economic development should not undergo any developmental changes. There should be a paradigm shift. It is not the resources that are going to develop our country. It is the liberation of our minds, a change of attitude, and a belief in self. So we need to make sure that we harness properly the oil and gas that we have.”
The forum is expected to come out with recommendations for actions to be taken to positively impact on the economy
By: Kwadwo Tuffuor, e.tv Ghana
Accra, May 17, 2012
Government’s management of revenue generated from the country’s oil and gas resources will today come under intense scrutiny ... 