ISODEC calls for proactive local participation in oil sector

Tamale, June 22, GNA - The Integrated Social Development Centre (ISODEC), has called for proactive national participation in the oil find, to deepen knowledge and awareness of civil society to be able to monitor the revenue that would accrue to the State. Mr Bishop Akolgo, Executive Director of the non-governmental organisation (NGO), suggested the need for government to increase the stake of Ghana National Petroleum Company, in the revenue that Ghana would derive from the oil.

Mr Akolgo was addressing a day's workshop in Tamale on Monday that seeks to tap the views of the public for the formation of a national policy framework that would be used to monitor the activities of government and companies engaged in the fledgling oil industry. He said registering foreign companies under Ghanaian ownership is another way of having more local content in the sector. Mr Akolgo said such a move would ensure that the corporate entities run programmes and policies that would protect the national interest. He said the benefit and interest of the nation must be paramount and supreme in the oil exploration in order to ensure more returns to the nation.

Mr Akolgo said ISODEC would continue to sensitise the public and build their capacity to be able to monitor the oil revenue for the total benefit of the country. He said until Ghanaians gets much knowledge about the oil sector, revenue could be lost through the dubious transactions by self seeking people.

The Executive Director of ISODEC, debunked claims that the country could fall victim to the oil- related conflict in Nigeria's Niger-Delta State, saying such a phenomenon is not possible in Ghana where the oil find is offshore.

Alhaji Mohammed Amin, National Oil Co-ordinator for Publish What You Pay-Ghana, another NGO noted that the current bill on the oil and gas sector gave too much power to the Minister of Finance and Economic Planning, hence the need to tackle the anomaly to ensure accountability. He suggested the essence of making the Central Bank responsible in the management of the funds that would accrue from the oil. Alhaji Amin observed that the current Petroleum Regulatory Law is inadequate at addressing petroleum regulations in the country and urged the government to speed-up all legal regulations before the full exploration of oil to avoid doom.