MEASURES THE GOVERNMENT OF GHANA HAS PUT IN PLACE TO ENSURE EFFICIENT MOBILIZATION AND UTILIZATION OF THE OIL REVENUE.

OBJECTIVES EVOLUTION OF OIL IN GHANA EFFICIENT USE OF OIL REVENUE IN GHANA MONITORING AND MANAGEMENT OF OIL FUND CONTRIBUTION OF OIL REVENUE TO THE ECONOMY

LECTURER: DR. RAYMOND DZIWORNU.

INTRODUCTION

Oil and gas is an important resource for economic

growth and development. There has been no doubt that

the emergence and the discovery of oil has had an effect

on the economy since the oil rigs began pumping crude

oil off the western coast of Ghana. The synergy between

the oil and gas industry and the rest of the economy is

critical for ensuring that Ghana achieves broad based

development and that exploitation of its natural

resources meets the need and aspirations of its citizens.

EVOLUTION OF OIL IN GHANA

Historically, petroleum exploration began in Ghana in the

late 1890s in the “Half Assini”. Since then, prospect for oil

in Ghana incessantly continued unabated until June 7th

2007 when Ghana broke its shackles to join the most

prestigious organizations of the petroleum exporting

countries (OPEC). The discoveries of the oil and gas were

made in two deep water blocks: cape three points and Tano

by Kosmos Energy and Uk-Irish tullow- respectively. The

two discoveries, referred to as the jubilee field.

MEASURES

Utilization of the oil revenue in

prioritized sectors.

The Petroleum Revenue

Management Act—Act 815.

Ghana petroleum fund

Mobilization of oil revenue

UTILIZATION OF THE OIL REVENUE IN PRIORITIZED SECTORS.

The government of Ghana has

prioritized certain sectors of the

economy to receive funding, thus,

spend oil revenues on education

and agriculture. This is in

fulfillment of the section 21(5) of

the petroleum revenue

management act 2011(815).

THE PETROLEUM REVENUE MANAGEMENT ACT—ACT 815.

The Petroleum Revenue Management Act (PRMA) was

passed by Parliament and assented to by the

President of the Republic of Ghana in April 2011.

It provides the legal basis for how the future

petroleum revenue of the country shall be managed.

Provides a framework for the collection, allocation

and management of petroleum revenue in a

responsible, transparent, accountable and sustainable

manner for the benefit of all citizens of Ghana.

GHANA PETROLEUM ACCOUNT

The government has set funds where all revenues

generated from the exploitation of the oil:

Stabilization fund.

Government pension fund.

Ghana heritage fund.

MOBILIZATION OF THE OIL REVENUE.

Handling over the oil revenue into the hands of GNPC.

Obtaining permit from GNPC

Involvement of GNPC in the

jubilee field

CONCLUSION

As the government tries to employ these measures to mobilize

and distribute these funds, it is worth mentioning that these

must be done judiciously. Numerous policies in the country are

at best on paper. The actual implementation of many wonderful

policies meets challenges such as corruption and lack of

commitment to execute them. Undoubtedly, if much integrity

and commitment is accorded the mobilization and distribution of

the oil funds, Ghana could be on her way to becoming a high

middle income country.

THANK YOU

END OF PRESENTATION QUESTIONS AND ANSWERS