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OBJECTIVES EVOLUTION OF OIL IN GHANA EFFICIENT USE OF OIL REVENUE IN GHANA MONITORING AND MANAGEMENT OF OIL FUND CONTRIBUTION OF OIL REVENUE TO THE ECONOMY LECTURER: DR. RAYMOND DZIWORNU.
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OBJECTIVES • EVOLUTION OF OIL IN GHANA • EFFICIENT USE OF OIL REVENUE IN GHANA • MONITORING AND MANAGEMENT OF OIL FUND • CONTRIBUTION OF OIL REVENUE TO THE ECONOMY • LECTURER: DR. RAYMOND DZIWORNU. MEASURES THE GOVERNMENT OF GHANA HAS PUT IN PLACE TO ENSURE EFFICIENT MOBILIZATION AND UTILIZATION OF THE OIL REVENUE.
Oil and gas is an important resource for economic growth and development. There has been no doubt that the emergence and the discovery of oil has had an effect on the economy since the oil rigs began pumping crude oil off the western coast of Ghana. The synergy between the oil and gas industry and the rest of the economy is critical for ensuring that Ghana achieves broad based development and that exploitation of its natural resources meets the need and aspirations of its citizens. INTRODUCTION
Historically, petroleum exploration began in Ghana in the late 1890s in the “Half Assini”. Since then, prospect for oil in Ghana incessantly continued unabated until June 7th 2007 when Ghana broke its shackles to join the most prestigious organizations of the petroleum exporting countries (OPEC). The discoveries of the oil and gas were made in two deep water blocks: cape three points and Tano by Kosmos Energy and Uk-Irish tullow- respectively. The two discoveries, referred to as the jubilee field. Evolution of oil in ghana
Utilization of the oil revenue in prioritized sectors. • The Petroleum Revenue Management Act—Act 815. • Ghana petroleum fund • Mobilization of oil revenue measures
The government of Ghana has prioritized certain sectors of the economy to receive funding, thus, spend oil revenues on education and agriculture. This is in fulfillment of the section 21(5) of the petroleum revenue management act 2011(815). Utilization of the oil revenue in prioritized sectors.
The Petroleum Revenue Management Act (PRMA) was passed by Parliament and assented to by the President of the Republic of Ghana in April 2011. • It provides the legal basis for how the future petroleum revenue of the country shall be managed. • Provides a framework for the collection, allocation and management of petroleum revenue in a responsible, transparent, accountable and sustainable manner for the benefit of all citizens of Ghana. The Petroleum Revenue Management Act—Act 815.
The government has set funds where all revenues generated from the exploitation of the oil: • Stabilization fund. • Government pension fund. • Ghana heritage fund. Ghana petroleum account
Mobilization of the oil revenue. • Handling over the oil revenue into the hands of GNPC. • Obtaining permit from GNPC • Involvement of GNPC in the jubilee field
As the government tries to employ these measures to mobilize and distribute these funds, it is worth mentioning that these must be done judiciously. Numerous policies in the country are at best on paper. The actual implementation of many wonderful policies meets challenges such as corruption and lack of commitment to execute them. Undoubtedly, if much integrity and commitment is accorded the mobilization and distribution of the oil funds, Ghana could be on her way to becoming a high middle income country. THANK YOU Conclusion
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