Opportunities Unleashing the Development Potential of Oil and Gas
1. How much have we earned so far from our oil?
2. How well have we managed the revenues?
3. Which sectors have we spent the money?
4. Do we feel the impact?
Broad strategic issues that NDC government under President Mahama failed to focus attention on:
.The AMV provides the best opportunity for improving natural resource governance. However, beyond a gap analysis undertaken in 2015, not much has happened. The question is, what will be our strategy for achieving the required alignment as directed by the AU?
.There are also opportunities for interfacing the oil and gas sector with the rest of the economy. How do we seize these opportunities?
.Saving oil funds abroad and earning less than one percent, while borrowing at 10 percent and more, does not make economic sense. At the current production level, bringing the money home will not create overheating in the economy however, such a move has the risk of abuse of the savings. How do we seize the opportunity for optimising the benefits of the petroleum funds?
.Ghana is a commodity-dependent country. However, we have devised a mechanism for managing the volatility effect of only petroleum revenues on the budget, leaving the other commodities to their fate. We have the opportunity to take advantage of the boom effect associated with commodities to even out budgetary expenditures predictably?.
1.It is important that any Ghanaian appreciate the transformative role oil and gas could play in the economy;
2. Also important, is the understanding that, if we don’t get the governance right, and again if we are not strategic about how we use the revenues, the opportunities oil and gas present will be lost on us.