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Ghana’s success in oil industry to be measured by level of poverty reduction – GHEITI

Ghana’s success in the Oil and Gas Industry would be measured by the level of poverty reduction and the provision of jobs and infrastructure development in the country.

Mr Franklin Ashiadey, National Coordinator of the Ghana Extractive Industries Transparency Initiative (GHEITI) of the Ministry of Finance and Economic Planning, said this at an Oil and Gas sensitization workshop at Half Assini in the Western Region, on Friday.

It was oragnised by GHEITI for Assembly Members, Heads of Department, traditional rulers and selected groups in the Jomoro district.

He said there are very high expectations from Ghanaians on how “our newly found wealth (oil and Gas) would impact on living standard”, adding that, it is incumbent on GHEITI stakeholders to ensure that the requisite systems are put in place to promote Good governance and Accountability in the management of the resources.

According to him, many developing countries with huge economic potentials failed to translate those resources into benefits to raise the living standards of majority of their people.

Mr Ashaidey said Ghana had been implementing GHEITI in the Mining sector since 2003 had has since extended it to the Oil and Gas Industry in Sept. 2010.

Prof. Thomas Akabzaa, Chief Director of the Ministry of Energy said, as emerging oil and Gas Industry, Ghana has learnt a lot of lessons from other Oil producing countries.

He said the Ministry of Energy has come out with policies to ensure transparency and Accountability in the oil and gas industry.

These include the establishment of a Petroleum Commission to regulate and license the operations of the oil and gas industry.

Source: GNA

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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