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Political Parties Position on Institutional Arrangements for the Management of Oil and Gas

  • SOURCE: | Editor
  • 2 FPSOWith barely three months away from this year’s election, all the major political parties’ representatives are touring the length and breadth of the country to canvass for votes. Ghanaians are now becoming issued sensitive rather than the former ethnocentric beliefs. With Ghana’s young and vibrant oil sector generating revenue for economic growth and development, what the political parties’ positions on the institutional arrangements in the oil and gas sector?

    For the Convention People’s Party (CPP), their positions on the institutional responsibility is to develop the capacity of the Ghana Revenue Authority to ensure efficient audit and declaration of revenue from the extractive sector. The party also seeks to enact laws on the disclosure rules and beneficial ownership of private entities operating in the extractive sector. CPP again seeks to provide legislation to ensure availability of contract details and data across the decision chain to the public.

    The People’s National Convention (PNC) also has outlined the following institutional arrangements for Ghana’s oil and gas sector. The PNC will strengthen PIAC to facilitate the process of capacity building, public awareness and transparency. The party also seeks to create an additional exclusive and transparent agency charged with contracting and procurement within the oil and gas sector. The party also have the agenda to strengthen governing boards of SOEs, and insulate them from government vested interests, so that they can be more effective in their oversight roles.

    The National Democratic Congress (NDC) will continue to support the Petroleum Revenue Management Act (PRMA), 2011 (Act 815) and the Petroleum Commission Act, 2011 (Act 821). The NDC as part of the institutional arrangements is reviewing the Petroleum Local Content and Local Participation Regulations, 2013, L.I. 2204 and also promote further the enhancement and stricter enforcement of rules and regulations in the sector.

    In conclusion, the availability of institutions in the oil and gas sector are very important in every country. The political parties’ positions on the oil and gas sector if adhered to when given the mandate to rule will help promote transparency and efficient administration within the oil and gas sector of Ghana to promote investments.

    By: David Aduhene Tanoh–www.reportingoilandgas.com

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