You are here
Find us on:
Facebook Twitter Google Plus Youtube

Ghana leads Africa in resource governance-Report

Image: Ghana's FPSO

The Kwame Nkrumah Floating Production, Storage and Offloading facility in Ghana’s offshore Jubilee Field, operated by Tullow and partners. Ghana had earned 3 billion dollars from oil exports by the end of 2012 (Photo: Tom Fowler)

A report released by the Revenue Watch Institute has ranked Ghana highest in sub-Saharan Africa in good natural resource governance.

The Resource Governance Index measured the quality of governance in the oil, gas and mining sectors of 58 countries worldwide, and Ghana emerged 15th, ahead of Liberia, Zambia, South Africa, Tanzania and the Democratic Republic of Congo, among other African countries.

According to the Revenue Watch Institute, each country was judged on institutional and legal settings, reporting practices, safeguards, quality control and enabling environment.

Ghana was rated highly for reducing corruption, but criticised for its secretive deals with the oil companies and failure to provide resources to its parliament to oversee the oil and gas industry.

“The lack of systematic access to information on the licensing process and contract terms leaves a black hole in the information citizens need to ensure government is getting a good deal and that companies are paying what is due,” the report reads in part.

Ghana has been consistently impressive in the management of its oil and gas sector ever since it started exporting crude oil in 2010.

A recent Standard Chartered Research revealed that oil has risen to be Ghana’s second main export, after gold, with an estimated export value of 3 billion dollars at the end of 2012.

 

Report by Beatrice Ongode