Political parties have agreed on the need for an effective policy on efficient use of the country’s oil revenues.
According to them, having a guiding principle will reduce instances of misappropriation, leading to the exploitation of Ghanaians.
The consensus was disclosed at the launch of the political parties’ policy positions on oil and gas. Under the policy political parties will outline specific plans in their party manifestoes on administering the oil and gas sector when voted into power.
The Africa Parliamentary Capacity Development Officer at the Natural Resources Governance Institute, Adams Fusheini tells Citi Business News, the move will also ensure fiscal stability in the economy during downturns as is happening currently on the global oil market.
“We have the Petroleum Revenue Management Authority (PRMA) which is elaborate in how we are going to manage the resources that are coming in. There is need to improve especially in light of the fiscal challenges that the country has faced recently,”
“We want to be sure that the importance and the benefit of the sector manifests clearly in dividend form; how the country’s financial status is and how we can get multiplier effect in other sectors. This can only start in well thought out programs which can be translated into legislation into implementation should any of the parties come into power in the years ahead starting from 2016,” he stated.
By: Pius Amihere Eduku/citibusinessnews.com/Ghana