From Kwesi Yirenkyi Boateng
The President of the Ghana Catholic Bishops’ Conference (GCBC), Most Rev. Philip Naameh, recently joined leaders of major the Faith-Based Organisations in Ghana to advocate for the proper investment and utilisation of oil revenues to enhance the nation’s development.
In the face of the volatility of oil prices on the international market, the Groups suggested the adoption of strategic investment measures of oil revenues generated, when oil prices on the market are 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) in a 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 representatives 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.
Archbishop Naameh and Most Rev. Peter Paul Angkyier, Bishop of Damongo, as well as other representatives added their voices to the call to ensure that Ghana’s interest was served first in the administration of the oil revenue and utilisation of the revenues for the benefit of all.
Speakers at the programme organised by PIAC in partnership with Ghana Oil and Gas for Inclusive Growth (GOGIG) and Caritas Ghana, included Mr. Samuel Bekoe, Resource Governance Consultant, GOGIG, Mr. Mark Agyemang and Mr. Denis Gyeyir both of PIAC Secretariat, as well as Dr. Ishmael Ackah, Ministry of Planning.
The participants entreated Government to use oil resources to support the development of other Sectors of the economy.
In support of this argument, Mr. Kwame Jantuah, Vice Chairman of PIAC and Mr. Bekoe, noted the need to equally develop other sectors of the economy that contribute 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.
Mr. Jantuah further 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 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.
“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.
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.
