President Nana Addo Dankwa Akufo-Addo has indicated that Ghana has a robust ability to utilise natural resources in enhancing the welfare of citizens and also the development of the entire nation.
He revealed that Ghana has made more oil discoveries after the initial discovery in 2007.
Delivering his speech at the maiden International Energy Conference and Expo in Georgetown, Guyana, on Tuesday, 15th February 2022, Mr Akufo-Addo told the conference, which was attended by the President of Guyana, President of Suriname, the Prime Minister of Barbados, and the CEO of Exxonmobil, amongst others, that Ghana is, today, touted as a model case in Africa in the management of oil and gas resources.
According to the President, the discovery of oil resources in Ghana, in 2007, offered a unique, historic opportunity the country to leverage its new found oil and gas resources for the development of the Ghanaian economy, and to finance priority domestic investments crucial for diversified growth.
“By the Grace of God, many more discoveries have since followed, and Ghana’s ability to use these resources for the development of the economy, and for enhancing the welfare of citizens remains robust,” he said.
With some resource endowed nations in Africa failing to achieve sustainable development from the exploitation of their natural resources, President Akufo-Addo noted that Ghana has implemented a number of policies and initiatives to change the narrative.
These policies, he explained, are focused on ensuring sustainable growth of the sector through legislative development, employment creation, protection of the environment, revenue and cost management, transparency, diversification of the economy, capacity building, and local content development.
“We resolved, soon after our oil discovery, to improve the legal, regulatory, and institutional framework for the efficient management of our oil and gas industry. To demonstrate further our commitment to ensuring transparency and accountability, Ghana set up a Public Interest and Accountability Committee (PIAC) to deal with challenges relating to transparency and accountability, with respect to the use of petroleum revenues,” he said.
By Laud Nartey|3news.com|Ghana