‘Let’s assess oil’s contribution to Ghana’s economy’
The contribution of oil to Ghana’s economic growth must be regularly assessed to inform government’s investment decisions and the country’s socio-economic development path.
According to Kweku Awortwi, Chief Executive Officer (CEO) of Tullow Ghana, ten years after the commencement of oil production in the country, it was time to know the impact of the sector to the nation’s development, to enable Ghanaians determine whether or not it was necessary for more investment in the sector.
He made the call in a speech read on his behalf at the 40th Management Day Celebration of the University of Ghana Business School (UGBS), on the theme “Corporate Responsibility, Ethics and Sustainability in Ghana’s Economic Development,” in Accra.
Mr Awortwi said “the question we should ask ourselves is; what benefit has the economy derived along the oil life cycle, from exploration through development to production and revenue generation? The discovery of oil in commercial quantities in 2007 brought about expectations from various stakeholders, including the government, foreign investors, local businesses, traditional rulers and the people.”
He said between 2011 and 2017, the government earned US$3.48 billion from both the Jubilee and TEIN fields assets.
Mr Awortwi indicated that in addition to taxes and royalties paid by international oil companies to the government, the companies supplied gas for the generation of electricity for industrial and domestic use.
Professor Daniel Frimpong Ofori, a lecturer at UGBS, urged companies to develop Corporate Social Responsibility policy to contribute to the nation’s economic development, adding that such policy must be designed to meet benchmark of international best practices.
Mr Frederick Attakumah, Executive Director, Corporate Affairs and Sustainability at Asanko Gold Mine, said in order to build resilient communities, there was the need for mining companies to collaborate effectively with local authorities.
He asked government to formulate the appropriate policy to enable mining companies build partnership with businesses and leverage on their assets.
BY ALLIA NOSHIE
