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.