Since Ghana’s oil discovery, several organizations and financial analysts have warned the government to ensure that the sector is managed properly and its proceeds used judiciously for the development of the nation.

However even before the project takes off in earnest, government has been accused of awarding contracts to its own party supporters.

Adom News enquired from the Deputy Minister of Energy, Kwame Ampofo Twumasi if indeed the CEOs of Cosmos, Tullow and the other oil exploration companies are not their ‘babies’.

Mr. Ampofo Twumasi was insistent that neither he nor any member of the current administration has any interest in the oil companies doing business here.

According to him, most of the companies were awarded licenses in the previous NDC administration.

“I am not a shareholder and I have not come across any of my colleagues who are, you know this is news to me,” he said.

On calls for the prudent management of oil resources, Mr. Twumasi said that the government has shown the necessary commitment by currently reviewing the oil exploration law to meet the changes in the sector whiles protecting the environment.

“One of the major issues that we have been most concerned with is to protect the environment and we are not joking about this. We are working closely with the E.P.A.”

He said a committee has been set up to come out with the modalities on how to manage the sector. Government, he said is focused on the proper management while providing the needed security to prolong the life of the natural resource.

“The good thing for us is that we are in a position to learn from the experience of Nigeria. In all honesty we have made sure that our children who will be born in 20 years time will benefit from the oil sector.”

All these, he said, have been incorporated into the national policy on oil while six committees have been put in place to monitor the activities of these companies from outside.

Commenting on the economy, the Deputy Minister defended the government’s policy that despite the unforeseen jump in the crude oil price, the economy has been able to absorb revenue distortions, which he said was evident in the continuous supply of fuel in the country.


Credit: Kojo Addo (Adom FM)