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Ghana’s oil revenues are not being efficiently managed-Oil Economist

Mohammed Amin PresentationAn oil Economist, Dr. Mohammed Amin Adam, says the country’s oil revenues have so far not been efficiently managed.

He said although the Finance Minister had, in accordance with the provisions of the Petroleum Revenue Management Act, been publishing the revenues accruing from oil, the money was not been efficiently managed.

He argued the oil resource will not bring about the anticipated economic progress if the current trend continues.

Dr Amin was speaking to Myjoyonline.com on the sidelines of a training workshop for oil and gas reporters, organized by the Institute for ICT Journalism (Penplusbytes).

The Executive Director of the Africa Centre for Energy Policy said, in 2013 for instance, “$24 million was spread over 64 road projects, covering 2,124 kilometers; this is not efficient spending because each of these projects, if we maintain this rate of disbursement, will take not less than 30 years to complete.”

According to him, many projects being funded with oil revenues have suffered time and cost-overruns; “in some cases the costs have doubled.”

He said the Asankragua road, for instance, was awarded at 24 million cedis in 2011 but the amount had ballooned to 42 million Euros.

For him, the transparent declaration of the amounts of oil revenues received as well as the areas where those revenues are spent was not enough.

Efficiently managing the revenues by investing prudently was key, he maintained.

The ACEP Director, however, commended the Finance Minister Seth Terkper, for incorporating the Centre’s concerns and recommendations in the 2014 Budget Statement.

“There is a categorical statement in the budget that the oil money will now be spent on a few projects so we complete these projects for the sake of efficiency and effectiveness and to ensure that people benefit from our oil money,” he concluded.

Source: Abass Malik/myjoyonline

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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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