An energy expert Friday urged the Ghana government to conduct analysis on oil contracts before approving such deals with firms.
Executive Director for the African Center for Energy Policy (ACEP), Dr. Mohammed Amin said here, 270 kms north of the Ghanaian capital during a training workshop for selected journalists from the various regions (provinces) across the West African country.
Speaking on the topic, ?Financial Modelling and the General Impact on Ghana?s Oil and Gas Revenue Determination,? he expressed worry about some of the legislations governing the oil and gas sector in the country saying some of the laws had clauses that did not serve the interest of the country.
?If we cannot have laws that favor us, we should do thorough analysis before entering into oil agreements with other stakeholders. Our inability to conduct proper analysis in the oil and gas has cost us as a nation,? Dr. Amin stated.
The conduct of such analysis in the sector, he noted, will ensure the attainment of the principles of good governance, transparency and accountability.
Director of WTS Ghana, a global network of selected consulting firms, Abdallah Ali-Nakyea warned of the danger the West African country would find itself if it banked its hopes on the recently found oil resource.
?When a new resource is found and the attention shifts to the new resource to the neglect of the old resource that is a problem. The idea is that if you rely on it, you stop thinking. Immediately you start depending on oil, you are heading towards resource curse,? he said.
West African neighbor, Nigeria before discovering oil used to be the third largest producer of cocoa in Africa but after several years of oil production no longer cultivates the crop.
Ghana discovered oil in commercial quantities in July 2007 and commenced actual production in November 2010.
Concerns has however been expressed by civil society over the years over the fall in production of agriculture, which until the oil find employed about 60 percent of the population. Enditem.