oil and gas industry

Tullow oilKite, an energy research institution, is to undertake a study on transparency and accountability in the oil and gas sector.

The three- year study funded by International Initiative for Impact Evaluation would be supported by the Centre for Democratic Development Ghana and African Centre for Energy Policy.

The study is on the topic: ?Examining transparency and accountability within the oil and gas sector: Impact evaluation of key provisions in Ghana?s petroleum revenue management act.?

Speaking at an inception workshop in Accra, Mr Ishmael Edjekumhene, Executive Director of Kite, said the study would seek to investigate the impact of two notable provisions of the creation of a Public Interest and Accountability Committee (PIAC) and Annual Budget Funding Amount (ABFA) in enhancing transparency and accountability in the management of petroleum revenues in Ghana.

He said it would also investigate PIAC?s effectiveness and relevance as a transparency and accountability initiative, as well as evaluating how ABFA allocations to the four prioritised areas have contributed to sustainable development outcomes.

He said the study could be one of the most important projects that could help decide whether the oil discovery in Ghana would be a blessing or a curse.

He therefore urged stakeholders to join in implementing the project for the common good of the country.

Major Daniel Sowah Ablorh Quarcoo (retired), Chairman of PIAC, said the study is very important as it would help unveil whether there is transparency and accountability in the oil sector.

He however, expressed the hope that, Ghana?s oil would not be a curse considering the existence of a parliamentary act to manage the finances.

GNA

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