The Economy of Ghana Network convened a workshop on the “Upstream Petroleum Sector: the Challenges and Prospects for the Ghanaian Economy” at ISSER on June 11, 2015.
The event assessed developments that have taken place, challenges and prospects since Ghana made commercial discoveries of petroleum.
Dr. Joseph Kwadwo Asenso, of the Real Sector Division, Ministry of Finance, presented a paper on the workshop theme – “Upstream Petroleum Sector: the Challenges and Prospects for the Ghanaian Economy”. It was an inclusive presentation that discussed pertinent topics on the petroleum industry including: petroleum discoveries since Jubilee (2007), petroleum fiscal regime, laws and agreements governing the upstream petroleum sector, evolution of petroleum revenue management in Ghana, institutional roles and implementation of the Petroleum Revenue Management Act (PRMA), framework for the collection and disbursement of petroleum revenue, impact of petroleum on key indicators, challenges with petroleum revenue management, pathsforward.
Discussions spawned fresh ideas, which will be published, to offer policy-oriented perspectives to target audiences including the policy communities and industry actors in the public and private sectors. Meanwhile, two recommendations that the workshop emphasized are:
The national economic agenda should continue to support the development of other viable sectors such as agriculture, the manufacturing industry, tourism and mining. This is important to diversify the Ghana’s sources of income and export base, in order to ensure that oil proceeds do not crowd out other viable sectors;
Government expenditure should be checked and de-linked from oil revenue in-flows.
Participants at the workshop included institutions in the management and use of petroleum revenues, NGOs,academics, researchers, the media and students. Worthy of special mention is the participation of Prof. Felix Asante, Director, ISSER; Dr. Robert Osei, Senior Research Fellow, ISSER and Coordinator of the EGN; Dr. Edward Nketiah-Amponsah, Senior Lecturer, Economics Department, UG and EGN Development Economics Subject Matter Specialist, Dr. A.D.A. Laryea, Senior Lecturer, Economics Department, UG (event chair) and Prof. Ellen Bortei-Doku Aryeetey, Director, Centre for Social Policy Studies, UG.
Please visit: www.egn.orgfor more information