Use part of oil revenue to support one time NHIS Premium -U/W Chief

James Klutse Avedzi, Chairman of the Parliamentary Select Committee on Finance (left), Joseph Kofi Adda, Ranking Member, Parliamentary Select Committee on Finance (right)

The President of the Upper West Regional House of Chiefs and the Chief of the Dorimon Traditional Area, Naa S.D. Gore, has suggested that part of the oil revenue should be used to support the government proposed one-time National Health Insurance Scheme (NHIS) premium.

Naa Gore made the suggestion at a public forum on the Petroleum Revenue Management and Petroleum Exploration and Production Bills in Sunyani on Tuesday, September 22, this year.

He also suggested that part of the oil revenue should be used to support education and agriculture, as well as the Savannah Accelerated Development Authority (SADA), which according to him, would help strengthen the health, education and agricultural sectors of the economy.

In attendance, were participants from the Upper East and West, Northern and Brong-Ahafo regions.

He further suggested that part of the oil revenue should be used to support the National House of Chiefs, to make the chieftaincy institution more relevant.

Some of the participants also wanted the government to use part of the revenue to establish industries to help provide jobs for the teaming youth.

On the environment, the participants urged the government to ensure that the safety of the people is prioritised.

Making a presentation on the 'Overview of the Petroleum Revenue Management Bill', the Chairman of the Parliamentary Select Committee on Finance, James Avedzi, said the purpose of the Bill was to provide the framework for the collection, allocation, and management of petroleum revenue in a responsible, transparent, and accountable manner, for the benefit of the citizens of Ghana, in accordance with Article 36 of the Constitution.

Mr. Avedzi further said the bill also seeks to distinguish the oil revenue from traditional revenues.

According to him, two national funds, namely Ghana Stabilisation Fund and Ghana Heritage Fund, would be established to enhance oil revenue management.

He noted that under the Bill, an Investment Advisory Committee shall be established to advise the Minister of Finance and Economic Planning, and also undertake general performance monitoring of the management of the Ghana petroleum.

Mr. Avedzi pointed out that the functions of the committee, among other things, are to design and propose to the Minister, the investment policy of the Ghana Heritage Fund and the Ghana Stabilisation Fund, which the Minister shall submit to Parliament for approval.

A ranking member of the Committee, Joseph Kofi Adda, in a presentation, said the purpose of the Petroleum Exploration and Production Bill was to revise the Petroleum (Exploration and Production) Act, 1984, PNDCL. 84, to tighten up the existing legal framework, taking into account, the lessons learnt over the years, and modern trends, to provide a robust framework for the exploration, development and production of petroleum.

He further noted that the Bill would help create an enabling environment for increased private sector participation and investment in the petroleum sector, and to strengthen the regulatory framework, for healthy competition and quality assurance.