The Africa Centre for Energy Policy (ACEP) has said future oil exploration and production endeavours in Ghana should have more local components to ensure Ghanaians participate and enjoy the benefits of the oil and gas find.
ACEP expressed happiness about Ghana having been able to negotiate a better deal with the Tweneboa, Enyenra, and Ntomme (TEN) project compared to the Jubilee project.
Deputy Executive Director of ACEP, Benjamin Boakye, speaking to Class Business, however, called for improvement in the governance structure.
“We saw TEN as a project that was able to engage Ghanaian citizens more than the Jubilee. We had some of the components even being developed locally and I think that is a big start and we can learn from that and improve on that to make sure subsequent FPSOs that will be built, we will have greater local participation,” he stated.
“In that also, we saw a strong regulator in the Petroleum Commission, we saw GNPC (Ghana National Petroleum Corporation) negotiating better and that is a welcome development and we think that from what we have done with TEN, if we can improve on that, our oil industry will be better for all of us but it doesn’t end there; the governance structure has to be strengthened.”
According to him, ACEP wanted to see the Petroleum Commission regulating petroleum projects. He further stated: “We want to see GNPC also playing their role, [i.e.,] increasing their capacity to be able to produce oil into the future and we also want to see our oil revenue governed well. So it doesn’t end at receiving the revenues but how well you are able to spend the revenues, how transparent the government can be with the revenues and [being] accountable to the people because it’s our national resource, it belongs to all of us and we don’t want politicians to monopolise it, but we want citizens to benefit from it.”