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| Extend EITI To Oil And Gas Sector |
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The move further enhances the government's commitment to ensuring transparency and accountability in all spheres of the economy including petroleum operations in the country. In a speech read on his behalf at the opening of an oil and gas conference in Accra on Tuesday by Dr. Oteng Adjei, Minister of Energy, he said: "This commitment is one of the pillars outlined in the National Democratic Congress (NDC) manifesto. The three-day high level conference is being attended by stakeholders in the oil industry worldwide to chart a way forward for Ghana's emerging oil industry. The Vice President said: "One sure way of implementing this commitment is to sign on to the EITI, which sets the global standards for transparency in the flows revenues from the country’s extractive industries through full publication and verification of company payments and government receipts." For now, he said, the Ghana EITI process is restricted to the mining industry, adding that "it is my expectation that in the coming months, every effort will be made to conclude the process". "Government believes that as a nation, we can benefit immensely from transparency. With transparency comes an improved investment climate because it provides a clear signal to investor and international financial institutions that government is committed to doing what is right and internationally acceptable," he said. On moves by the government to ensure good regulatory environment before the commencement of oil production in the last quarter of this year, he said, two important bills, an amendment to Petroleum Law and a Revenue Management Bill that would promote good governance and accountability in the petroleum sector are before Cabinet. In this regard, he said the finance ministry is currently organizing a road show to discuss the contents of the Revenue Management Bill before submission to parliament for approval. The amendment of the Petroleum Law, the Vice President said, would provide for the creation of a Petroleum Regulatory Authority (PRA) to oversee the industry’s operations and an investor-friendly environment for domestic as well as international investors. Mr. Stuart Wheaton, Ghana Development Manager, Tullow who presented an update on the Jubilee phase I development, said the Floating Production Storage and Offloading (FPSO) being manufactured in Singapore would arrive in the country in June. Source: Ghanaian Times |
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