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| Extension Of EITI To Oil And Gas |
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MR. CHAIRMAN, < br> HONOURABLE DEPUTY MINISTER OF FINANCE AND ECONOMIC PLANNING, < br> MEMBERS OF THE NATIONAL STEERING COMMITTEE, < br> DISTINGUISHED LADIES AND GENTLEMEN. < br> I am standing for the Minister of Energy who is engaged elsewhere. I bring you his sincere regards and also his warm greetings. I shall now proceed with his statement. < br> I wish to add my voice to that of the Chairman in welcoming you to this all-important meeting, which hopefully, will determine the path we wish to take in our quest to ensure that our people live in peace and prosperity. < br> After over a hundred years of “suspicion” that the country has oil, we have, most happily on the fiftieth anniversary of our independence, found not only oil but also gas in commercial quantities. < br> Considering our circumstances as a developing country that only recently earned the unenviable title of a heavily indebted poor country (HIPC), we now have a God-given chance of getting it right and lifting ourselves out of a painful circumstance of poverty, deprivation, ignorance, squalor and disease. < br> Whether we can get it right or not lies in our collective hands as a people and today’s workshop is one of the most significant milestone that will take us to our destination of responsible development that harness the fruits of the oil and gas finds to build a solid and economic infrastructural base. < br> It is this base, superimposed on the progress made in recent years, that would potentially serve as a platform on which to establish a vibrant economy that provides jobs and good living standards to all Ghanaians, an economy that will ensure that in future, no Ghanaian child would grow up illiterate, that no Ghanaian would be without food, clothing and shelter, that there would be good drinking water for everyone as well as improved sanitation. < br> To deliver all the good things mentioned above, we must first safeguard the revenues that will accrue to the country from oil and gas. The Extractive Industries Transparency Initiative, EITI, which was first introduced to the country’s mining sector, is one means by which such revenues can be protected. < br> It is important to note that the National Democratic Congress, even before it came into power, had promised in its election manifesto to extend the EITI from the mining sector to the oil and gas sector. This, the party hopes will make it as difficult as possible for any selfish individuals or groups, to divert vital resources that should be used for the benefit of all the people of this country, into private bank accounts for the advantage of themselves and their relations only. < br> The Mills Administration hopes, through this stakeholders’ forum to boldly signal its intention to empower and indeed involve the Ghanaian media and Civil Society groups. In the framing of policy and ultimately to question the management and utilization of all proceeds from the country’s oil and gas find. We therefore expect that whatever framework that this workshop will agree on, would be instrumental in providing the solid legal backing that would compel all players and actors in the new and emerging industry, to comply with the requirements. < br> Mr. Chairman, I would like to commend the Ghana EITI Secretariat and the National Steering Committee for a good job done in developing the draft framework that will serve as a basis for discussion at this workshop. i hope that all stakeholders here assembled will make useful inputs into the document to strengthen it to make it to stand the test of time. < br> By virtue of the fact that secrecy fuels suspicion and in turn breeds enmity, transparency in the country should go far beyond the monitoring of the flow of oil revenues to all contracts signed between the extractive companies and the Government. It is in recognition of this fact that Government is committed to ensuring that Ghanaians participate fully in the nascent oil and gas industry, both through employment and direct participation in the management of the sector, and through full involvement in the supply of goods and services to the industry. We hope to see the development of local capability in all aspects of the oil and gas value chain through education, skills and expertise development, transfer of technology and know-how and active research and development activities. < br> Indeed, it is the Ministry’s wish that within a decade, the country will be able to achieve at least 80 percent local content and local participation in the oil and gas industry. Towards that end, the Ministry of Energy has developed a draft local content policy that is currently being subjected to wide stakeholder examination and scrutiny, and which hopefully, will soon be available to guide all of us as well as foreign investors in a direction that will ensure maximum involvement and participation of Ghanaians in oil and gas. < br> Mr. Chairman, the Ministry is also committed to ensuring maximum security in the operations of the oil and gas sector, and has constituted a high level Committee of security and legal experts to produce a security policy document that will subsequently be submitted to wide stakeholder consultation. The security policy document will aim at creating a safe, secure and enabling environment to facilitate the exploration, exploitation and distribution of oil and gas in Ghana, and also promote investor confidence. < br> More specifically, the policy will aim at providing security for petroleum operations, installations and reserves. It will protect the petroleum industry against acts of terrorism, sabotage, piracy and vandalism. It will also aim at preventing the diversion and stealing of petroleum products, prevent other users of the sea from interfering with petroleum operations, maintain general law and order, and render timely response to emergencies in the oil and gas sector. < br> On this note Mr. Chairman, I would like to wish this assembly well. < br> I thank you for your kind attention. |
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