Posted: Thursday, March 4, 2010     Source: GNA

Participants call for effective handling of information on oil

Participants at the Volta Regional forum on management of expected revenue from Ghana's emerging oil industry, organized on Wednesday at Ho, called for effective handling of information on the sector.

They suggested that the forum should be replicated at the district and community levels, to avoid misinformation and rumours to help put public expectations into the right perspective.

The participants appealed to politicians, especially those in government and opposition, to be mindful of conflicting pronouncements on prospects of the industry because it could create confusion among the people.
They recommended to government to focus on science and technology education, agriculture and food security, application of research findings, security, and social investment.

Dr. Joe Amoako-Tuffour, Advisor, Ministry of Finance and Economic Planning, who spoke on the "Use and Management of the Oil and Gas Revenues", said Ghana was poised to become a pace setter in the judicious use of revenue to be generated from oil and gas production.
He promised that: "No matter how small it is we must spend some and save some", and said that the country needed to plan for the best and worst situations regarding the projected oil revenue.

Mr. Frederick Kwesi Blay, Funds and Investment Manager of the Bank of Ghana, gave the assurance that best international practices would be applied in managing revenue and investment that would be made in the oil sector.

Mr. Joseph Amenowode, Volta Regional Minister, observed that the regional forum has helped in answering questions agitating the minds of the people on Ghana's emerging oil wealth.