Wed, May

Govt to ensure prudent management of oil cash - President

Business & Economy

President Nana Addo Dankwa Akufo-Addo has reiterated the commitment of his government to ensure prudent and efficient management of the country’s petroleum resource and its associated revenues.

President Nana Addo Dankwa Akufo-Addo has reiterated the commitment of his government to ensure prudent and efficient management of the country’s petroleum resource and its associated revenues.


“We shall prudently manage our petroleum resources with a long-term perspective, for the benefit of Ghanaian society as a whole. By judiciously managing our petroleum resource, we shall provide revenues to the country to ensure the welfare of our people, promote employment, improve the environment, and strengthen trade and industrial development in Ghana,” he said yesterday.

That was after he had turned on the valves on the FPSO John Agyekum Kufuor to signal the formal production of oil in commercial quantities from the Sankofa Oil and Gas Fields.

The President said to improve transparency in the management of the oil and gas resources, “our commitment to the full implementation of the Petroleum Revenue Management Act, and strengthening of the Public Interest Accountability Committee would enhance further transparency and accountability in the oil and gas sector.”

He noted that revenue management was a national priority, adding that the significance of the petroleum sector to Ghana’s economy was evident in its share of Gross Domestic Product, exports and government revenues.

He explained that in accordance with the NPP’s manifesto policies, government would ensure that the petroleum sector remained a significant contributor to financing nationwide industrial development.

He was optimistic that the sector would generate resources that would be used “for rapid development of national infrastructure, for increasing agricultural productivity, accelerating job creation and facilitating the building of national capacity to harness advanced technologies, and for enabling a paradigm shift in the structure of the economy towards increased industrial value-added production.”

He emphasized that the expectation of Ghanaians and OCTP partners was to ensure that resources were managed prudently to achieve cost efficiency, stating “this the only way we can guarantee a low gas price, and, eventually, low electricity tariffs to stimulate development.”

He added that these ambitious policies would be caved based on goals for a sustainable petroleum business and the coexistence between the petroleum, fisheries, environment and other sectors to produce best appropriate environmental management measures.

The president reiterated the commitment of his government to the exploration and discovery of oil in commercial quantities onshore, specifically in the Voltaian Basin.

According to him, 17 years ago, during the presidential campaign of then candidate John Agyekum Kufuor, he gave a solemn pledge to the people of Takoradi, in the Western Region, that, if elected, his government would concentrate attention to discovering oil in commercial quantities.

“I believe God will be on our side once again under another NPP administration to strike more oil and gas. President J A Kufuor made it happen off shore. The focus now is also to explore opportunities on shore. That is why my government is committed to intensifying efforts towards the discovery of oil and gas on shore in the Voltaian Basin,” he said.

President stated that the commitment of the national oil company, Ghana National Petroleum Corporation, to find oil and gas in the Voltaian Basin, is reassuring, and was delighted about this bold step.

“My government is totally committed to giving Dr K K Sarpong and his team all the support they need to make this happen. I have been briefed that all the necessary preparatory work has been done to commence initial seismic survey. Approval for the award of the contract for the seismic survey will be given soon,” he said.



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