Dr Kwesi Botchwey, Chairman of the National Gas Development Task Force says Ghana could make as much as 80 million dollars a month from the gas commercialization project.
He says the gas from the Jubilee oil fields which started commercial production on Wednesday December 15, 2010 would also accrue about one billion dollars annually.
Dr Botchwey, who is also a member of the Economic Advisory Council of the Mills administration, told Citi News the power generation and industrialization potentials of the gas industry could be enormous for the country. He says the entire project would be ready in 18 months.
Dr Kwesi Botchwey was confident the strict control provisions within the Petroleum Revenue Management Bill would prevent any misuse of the oil revenue, contrary to the fears expressed primarily by the Minority in Parliament and some Civil Society groups.
“I think the nation should be assured that we are on the right track, and that the necessary legal framework is in place with the full participation of civil society and Parliament to ensure the oil revenues are not wasted or stolen. I don’t think it can happen under the regulatory regime that is under consideration.
“The important thing is to ensure that we define the circumstances in which it can be used as collateral, limiting it to exceptional cases where it is justifiable to do so, and ensuring that the conditions are respected and that decisions are transparent. With those safeguards I don’t think there is any problem with opening that (collateralization) door.”