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Need to manage oil risk properly – Lecturer

For Ghana’s oil and gas to become a blessing or a curse, it will depend on how Ghanaians and stakeholders manage risks associated with the industry, Dr Samuel C.K. Buame, Senior Lecturer, University of Ghana Business School said on Thursday.

He said learning from the experiences of other oil and gas producing economies like Nigeria would help Ghana to manage the industry properly and efficiently.

Speaking at the 22nd National Professional Development Conference of the Chartered Institute of Administration and Management Consultants-Ghana (CIAMC) in Accra, Dr Buame indicated that life itself as well as every business, encountered risks, some of which were predictable and under management’s control, and others which were controllable and uncontrollable.

The Conference is a quarterly event organised by the CIAMC with other collaborators for its members to update their knowledge on contemporary national developmental issues such as country risk management.

Participants were taken through topics such as: “Country Risk Concepts and Expectations from the Professional Administrator, “Practical Experience of Country Risk to Investment and “National Strategy in Addressing Country Risk”.

Dr Buame said Ghanaians particularly professional administrators should take issues of risks seriously by communicating and recommending reduction of risks in the professional setups.

Professor Sam Afrane, National President, CIAMC said the Conference on the theme: “The Role of the Professional Administrator in Country Risk Management in an Emerging Oil and Gas Economy”, was the second to be held this year as part of a series of professional education organised for its members.

He said as the country advanced in development, it remained exposed to various risks – cultural, financial, social, political and environmental, therefore the need for professionals to be upgraded in knowledge to face accompanying challenges.

Prof. Afrane urged participants to implement what they had learnt in their various places of work.

Mr Samuel Mawusi Asafo, Registrar, CIAMC said the Conference helped to maintain adequate level of up-to-date technical knowledge among members of the institute as well as assisted members to-adapt to the evolution of new techniques, changing responsibilities and economic conditions nationally and internationally.

Other speakers were Mr Seth Ayitey, Chief Executive Officer in-charge of Finance and Investment, CDH Securities Limited and Mr Kofi Sekyiamah, Acting Director, Research and Investment Development, Ghana Investment Promotion Centre.

 

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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