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17.04.2008 Business & Finance

Ghana to keep 50% of oil revenue

By The Statesman
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The National Petroleum Corporation Coordinator in charge of Economic Evaluation and Monitoring, Kwame Ntow Amoah Tuesday dispelled the rumours going round that Ghana would receive only 10 percent of the oil that would be produced in the country.

Speaking at a Regional Consultative forum on Oil and Gas organised at Koforidua, Mr Amoah said "Ghana has at least 50 percent of the oil that is going to be produced in the country. He also said "there would be enough gas to fuel about 500 mega-watts of new power generation".

The forum was organised by the committee appointed by the government to prepare a policy document to be put before Parliament for approval. The committee is going round the regions to sample views in that direction. The forum was attended by chiefs, District Chief Executives and officials from government departments and agencies.

Mr. Amoah said the forum has four major themes namely, "Turning oil and gas wealth into sustainable and equitable development; entrenching transparency and stakeholders' engagement; effective management of the oil and gas sector; and safeguarding security and environment".

He announced that production of Ghana's oil would commence in the next two years, promising that the project would be well managed and well sustained to enable Ghanaians to enjoy the full benefits.

Mr Amoah said measures have been put in place to ensure transparency in all aspects. He urged Ghanaians to show keen interest in the project, saying that it is the wish of government that Ghanaians take full control of the industry in the near future. The coordinator hinted that government has plans to train many Ghanaians in the oil industry to be able to take the commanding height.

In his opening address, the Deputy Eastern Regional Minister, Ofosu Asamoah noted that Ghana's dream of joining the league of oil producing countries of the world is gradually becoming a reality.

He said the discovery of the oil should generate serious discussions as its exploration involves the exploitation of the land which belongs not only to the living but the ancestors and those yet unborn. "We must therefore exercise maximum caution to ensure the sustainability of the environment," Mr. Asamoah said.

He expressed the hope that the oil discovery would bring enormous advantages to the local communities were the oil was found and Ghana as a whole.

The Deputy Minister also expressed the belief that government would put in place proactive policies to ensure that the positive impact that comes with the discovery would be felt throughout the entire country.

"We are mindful of the fact that oil, rather than being a blessing can also end up spelling disaster for the nation as is the situation in some sister countries".

By slarge

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