15th May, 2015

Ghana's quest to maximize benefits from its oil and gas resources can be given a boost if there is a strategic approach to the implementation of the Local content Law, Dr John Gatsi, a Chartered Economist and lecturer at University of Cape Coast, has submitted.

The Petroleum Commission has been advised to urgently set up an online repository where information on upstream petroleum blocks could be accessed. The Petroleum Commission is the upstream regulator of Ghana's petroleum sector. It is mandated to regulate, manage and co-ordinate all activities in the upstream petroleum industry for the overall benefit and welfare of Ghanaians.

The Ghana National Petroleum Corporation (GNPC) has been asked to publish its investment plan with its associated cost to prevent any misconstruing in respect of unspent cash by the public. This was the recommendation made regarding GNPC in the Ghana Extractive Industry Transparency Initiative(GHEITI) 2012/2013 Report on the Oil and Gas Sector, prepared by Boas and Associates and launched in Accra recently.

Mr. Seth Terkper Minister of Finance and Economic Planning, on Tuesday said government is working assiduously to ensure that the enhanced revenues from the country's natural resources are prudently managed and utilized for the benefit of the people. He said revenues from natural resources are to benefit people who are negatively impacted by the activities of extractive sector companies.