A financial expert Saturday said here a vibrant stakeholder engagement was key in the management of the oil and gas resource in the country.John Gatsi
Dr. John Gatsi, lecturer at the School of Business at the University of Cape Coast, said here in the Ashanti Regional (Provincial) capital, 270 kms north of Accra during a workshop on oil and gas governance organized for selected journalists.
The workshop being organized by the Institute for Financial and Economic Journalists (IFEJ) in collaboration with the German Technical Cooperation (GIZ) and the State Secretariat for Economic Affairs (SECO) was geared towards building the capacity of the journalists on reportage in the sector.
Speaking on the topic, ?The role of the state and key stakeholder institutions; their management within the framework of the laws,? Dr. Gatsi observed there was demand and supply in the management of oil resource.
The managers of the resource, he noted were those on the supply side of the management of oil resource while the people were those on the demand side who should be insisting on accountability.
Ghana, he emphasized was still on the learning curve and needed all stakeholders in the oil and gas value to ensure maximization of the resource for the benefit of all.
Dr. Gatsi called on relevant authorities in the West African country to educate the local people on pertinent issues in the sector for the citizenry to demand accountability from the managers of the oil resource.
He said, ?Vibrant engagement with stakeholders is key in the management of the oil resource in the country.?
Many in the West African country have questioned the role civil society organizations (CSOs) have been playing in bringing leaders accountable insisting most of them were engaged in advocacy work to satisfy their parochial interests.
This, the financial expert warned was dangerous for the young oil producing economy emphasizing, ?If from now up to the next three years nothing changes in the management of the oil resource, then it means that those of us on the demand side are also weak.?
The African Capacity Building Report released in 2013 and the World Bank alludes to the significant role of vibrant engagement of stakeholders in the management of a country?s resource.
Norway, which has been an example to many oil producing countries around the globe was in the process of making amendments to how resources were managed in the country.
Ghana discovered oil in commercial quantities in July 2007 and commenced production in November 2010.
The country under the Petroleum Revenue Management Act (PRMA), Act 815 set up the Public Interest and Accountability Committee (PIAC) to monitor activities in the sector.
The Exploration and Production (E&P) Bill, currently before Ghana?s legislature among others seeks to propose effective engagement among stakeholders in the management of the oil and gas resource. Enditem.

Source: Xinhua

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