By Solace A. DORNYO
Experts in the oil industry have disclosed that the production of oil and gas in commercial quantities would increase Ghana’s export earnings.
They add that it would also provide the nation an opportunity to effectively reduce foreign exchange requirements for the importation of oil.
This would enable government to grow the economy and rapidly achieve accelerated development and industrialization.
This was disclosed at the National Energy summit, organized by Civil Society Organization (CSO) in Accra last week.
A speech read by the Energy Minister, Dr. Joe Oteng-Adjei, on behalf of the Vice President, John Mahama, indicates that the government anticipates that the oil and gas production will be a major source of accelerated growth, poverty reduction and prosperity to all Ghanaians.
He added that the government is taking proactive measures to further ensure the management of oil and gas revenues
He noted that the government will strengthen the regulatory agency for the regulation of all activities related to upstream, midstream and downstream oil and gas industry in Ghana.
In addition, measures are being taking to facilitate the use of revenue from the oil and gas sector to other sectors of the economy and manage revenues transparently and ensure equity for the benefit of the present and future generations.
He said it was very crucial for civil society to work through the field of investigations and high level advocacy in order to increase transparency in the flow of revenues from oil and gas companies to government, as well as more transparency in the award of concessions, the trading of resources and the role of banks and other middlemen in the resource related corruption.
He however assures the CSOs of the government’s support to any available recommendations that would encourage consensus building to ensure transparency, accountability, and fairness in the usage of the oil and gas.
Experts in the oil industry have disclosed that the production of oil and gas in commercial quantities would increase Ghana’s export earnings.
They add that it would also provide the nation an opportunity to effectively reduce foreign exchange requirements for the importation of oil.
This would enable government to grow the economy and rapidly achieve accelerated development and industrialization.
This was disclosed at the National Energy summit, organized by Civil Society Organization (CSO) in Accra last week.
A speech read by the Energy Minister, Dr. Joe Oteng-Adjei, on behalf of the Vice President, John Mahama, indicates that the government anticipates that the oil and gas production will be a major source of accelerated growth, poverty reduction and prosperity to all Ghanaians.
He added that the government is taking proactive measures to further ensure the management of oil and gas revenues
He noted that the government will strengthen the regulatory agency for the regulation of all activities related to upstream, midstream and downstream oil and gas industry in Ghana.
In addition, measures are being taking to facilitate the use of revenue from the oil and gas sector to other sectors of the economy and manage revenues transparently and ensure equity for the benefit of the present and future generations.
He said it was very crucial for civil society to work through the field of investigations and high level advocacy in order to increase transparency in the flow of revenues from oil and gas companies to government, as well as more transparency in the award of concessions, the trading of resources and the role of banks and other middlemen in the resource related corruption.
He however assures the CSOs of the government’s support to any available recommendations that would encourage consensus building to ensure transparency, accountability, and fairness in the usage of the oil and gas.
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