Ghanaian leaders have again been cautioned against misusing revenue for the recently found oil, as drilling could span a relatively short time than had generally been expected.

Mr. Ian Gary, Senior Policy Adviser on Extractive Industries for Oxfam America made the call at a public forum organised by the Integrated Social Development Centre (ISODEC) and Oxfarm-America, both Civic Society Organisations working at helping insulate Ghana from some fatalities associated with many resource-rich countries in Africa.

The organizers also took the opportunity to launch the report entitled Ghana’s Biggest Test: Oil’s Challenge to Democratic Development, co-authored by Oxfarm America and ISODEC.

The report identifies critical steps for the Ghanaian government, donors, oil companies, civil society groups and journalists to take in order to save the country from the fate of other countries who have misused their oil resources. These include transparent revenue and payment practices, open and competitive contract bidding, and active monitoring and participation by civil society. “Billions of dollars will flow into government treasury, but Ghanaians are all too familiar with corruption, poor development outcomes in the country’s mining communities, and the tragedy of Nigeria’s squandered oil wealth”, Mr. Gary remarked, cautioning against allowing the wealth to be generated from the oil to erode the gains made in democratic governance. This he said could arise as a result of mismanagement of oil revenue.

He urged the government of Ghana to ensure that contracts signed with companies as well as revenue received from them are disclosed to the public. He further called for the enactment of a moratorium on signing new contracts to allow time for an open bidding system and also allow the legal and institutional framework come run side by side with oil development.

Programmes Coordinator of Friends of the Nation, an NGO operating in the Western Region Kwadwo Kyei Yamoah presented what he termed concerns of the people of the Western Region on the oil find.

Among others, Mr. Yamoah said the people of the Western Region would like to be sensitized on the oil revenue streams, contracting and licencing and what is best to boost the local economy.

He said the people would also like the oil find to contribute to improved knowledge on the socio-environmental impacts of oil and gas exploitation for their people. And also contribute to the enhancement of the rural livelihoods in the host communities through effective development of the local content.

Mr Yamoah also echoed suggestions that any Environmental Impact Assessment done should capture the concerns, perceptions and expectations of host communities on the oil find.

He signaled that his people might not entertain any Filthy Production Storage Off-loading (FPSO) since they believe it would destabilize marine life and affect fishing in the area.