‘Make Judicious use of Oil Revenue’- FBOs demand

The President of the Ghana Catholic Bishops’ Conference (GCBC), Most Rev. Philip Naameh, recently joined leaders of major Faith Based Organisations in the country to advocate for the proper investment and utilization of the oil revenues to ensure quality development in Ghana.

In the face of the volatility of oil prices in the international market, the groups suggested the adoption of strategic investment measures of oil revenues generated, when oil prices on the market were good, and make prudent use of the revenues.

Participants also called for transparency in the administration of oil revenues as well as empowering the Public Interest and Accountability Committee (PIAC) to prosecute those defaulting in the proper use of the oil funds.

These suggestions were made during a Two-Day Engagement with Faith Based Groups (Christians and Muslims) and Roundtable Discussion on Oil Revenue Governance and Management at Abokobi in Accra.

The over 60 participants were drawn from the Christian Council of Ghana, Ghana Pentecostal and Charismatic Council (GPCC), Ghana Catholic Bishops’ Conference (GCBC), Office of the National Chief Imam (ONCI), and National Catholic Secretariat (NCS). Other participants at the programme, were representatives of Ahmadiyya Muslim Mission (AMM), Marshallan Relief and Development Services (MAREDES), Faith in Ghana Platform, Caritas Ghana, as well as representative from the Ministries of Education, Roads and Highways, the Bank of Ghana, the Ghana National Gas Company, the Volta River Authority and Electricity Company of Ghana.

Fr.  Ebo Blay interacting with Archbishop Naameh &
Bishop Angkyier 

The President of GCBC and Most Rev. Peter Paul Angkyier, Bishop of Damongo, as well as other representative of the Muslim groups added their voices to the call to ensure that Ghana’s interest was served first in the administration of the oil revenue as well as ensure utilization of the revenues always inures to the benefit of the common good.  

Speakers at the two-day programme organised by PIAC in partnership with GOGIG and Caritas Ghana, included Mr. Samuel Bakoe, Resource Governance Consultant, GOGIG, and Mr. Mark Agyemang, and Mr. Denis Gyeyir both of PIAC Secretariat, as well as Dr. Ismael Ackah, Ministry of Planning.

The participants advised Government against the tendency of spreading the oil resources on many projects, and entreated the powers that be to use oil resources to support the even development of other sectors of the economy.

In support of this argument, Mr. Kwame Jantuah, Vice Chairman of PIAC and Mr. Samuel Bekoe, Consultant, GOGIG, noted the need to equally develop other sectors of the economy that contributes over 60 percent to GDP, in order to avoid contracting the ‘Dutch Disease’ in the country. Since oil resources is exhaustible, it was necessary to invest prudently to support the growth of other sectors, they reasoned.  

In this regard, Mr. Jantuah urged Government not to dissipate oil revenue on many ventures and advocated for cautious investment of the revenues in instruments with higher returns, since the oil resources would be depleted in some years to come.

Mr. Samuel Zan Akologo, Executive Secretary of Caritas Ghana and Member of PIAC, who moderated the programme, noted that the objective for the two-day meeting was to engage and inform participants on how the Government of Ghana managed its petroleum revenues in 2016 and other issues emanating from the PIAC 2016 report.

He said in recognition of the outreach potential of the Faith Groups in the country, the engagement sought to build their capacity to promote policy education and good governance, as well as provide a platform to debate the management of petroleum revenue in Ghana.

Participants at the two-day meeting

“The exercise also aims at helping Faith Groups to use their outreach potential to demand better governance of oil revenues in the country and further educate their constituents” he noted.      

There were presentations on the Petroleum Resource Management Policy, Practice and Lessons; The Petroleum Exploration and Production Act (Act 919); Highlights of PIAC’s 2016 Annual Report; VRA’s Indebtedness to Ghana National Gas Company and ABFA Utilization and its impacts on Citizens.

The Faith based groups called for the empowerment of PIAC to prosecute people defaulting in the judicious use of oil funds committed to projects in the country.