Ex Ghana President advises on oil management
Former Ghana President, John Kufuor, has advised Ugandan leaders to adhere to the principles of good governance if the country’s oil sector is to be sustainably managed.
H.E. Kufuor was in Uganda last week to take part in activities to commemorate the 90 year anniversary of Makerere University.
“Many nations do not have the massive natural resources we are blessed with. However, they have managed to develop,” he told a fully packed auditorium at the university. “Having good policies, good governance and monitoring checks and balances will greatly improve the industry.”
Kuffuor also stressed the need for transparency in agreements and regulatory frameworks guiding the oil and gas industry.
“In Ghana, all agreements are put before parliament,” he noted. “This enables us to come with benchmarks that will benefit every citizen.”
He further highlighted the importance of having an independent oversight body to superintend the industry.
“It is important to have a strong independent committee to overlook the industry,” he said. “This committee should be able to provide a strong independent oversight especially in monitoring how the oil resources are used,” he added.
Ghana has been consistently impressive in the management of its oil and gas sector ever since it started exporting crude oil at the end of 2010.
A report released by the Revenue Watch Institute ranked Ghana highest in sub-Saharan Africa in good natural resource governance. However, the report criticised the West African country for its secretive deals with the oil companies and failure to provide resources to its parliament to oversee the oil and gas industry.
The lecture was organised by Makerere University , Democratic Governance Facility, Konrad Adenauer Stiftung and Uganda Youth Network . It was attended by government officials, Parliamentarians, academia and members of the public.
Report by FN and BO