MAXIMISING OIL REVENUE (OCT 13, 2009)

GHANA has been blessed with oil in commercial quantities, thanks to the efforts of many Ghanaians and their foreign counterparts who, through their labour, have brought to this country one of the most sought-after resources on earth.
Many in our part of the world have described oil as “a curse” rather than a blessing. And this is rightly so because some of our neighbours have not been able to use their oil find to reshape the destiny of their people.
We are reminded on a daily basis about the many problems that have engulfed such countries as a result of the inability of the authorities there to put in place the right structures to deal with the myriad of challenges associated with the oil find.
Ghana cannot claim to be insulated from these nagging challenges in communities which feel sidelined when it comes to the sharing of oil revenue.
The issue of “galamsey” mining and its threat to the environment reminds us of our collective failure to deal with problems associated with the exploitation and management of our natural resources for the benefit of all.
This is only one example of the systemic failure and political interference that have negatively impacted our national development agenda and this gives us cause to be apprehensive about the country’s oil find.
Already, there are reports of foreigners buying large tracts of land in and around the Western Region.
It is in this vein that the DAILY GRAPHIC welcomes the announcement by President J.E.A. Mills to the effect that a Petroleum Revenue Management Bill is to be passed by Parliament to ensure the prudent utilisation of our oil and gas find.
That is well said, but history has taught us that while we have laws to govern every facet of our national endeavour, such laws are on our statutes without their being applied.
The DAILY GRAPHIC thinks that the time has come for a comprehensive strategy on how revenue from the oil and gas business is to be used. We encourage transparency at all levels to ensure that every Ghanaian can, without any bureaucratic tendencies, access how such funds are applied.
This way, we can create a much deeper collaboration between the citizenry and the policy makers.
When there is no transparency, the communities feel the policy makers are feeding fat on their resources, while the communities lack basic amenities to improve their living standards.
The DAILY GRAPHIC thinks the country can avoid the problems of the oil find if there is a shared responsibility on the part of both the citizenry and the policy makers to ensure the proper management of the oil revenue.
The paper calls on the authorities to begin the training of indigenous people in the required fields of operation that will ensure the transfer of skills to the local people.
It is only when such people find opportunities in the oil and gas business that they will be responsible to their communities.
If we fail to take the opportunities presented to us by the oil find to better the lives of our people, posterity will judge us for making the oil and gas business a curse instead of a blessing.