Oil, gas expert lauds Ghana for instituting heritage fund

Dr Steve Manteaw
Dr Steve Manteaw

An oil and gas expert, Steve Manteaw, has lauded the government of Ghana for ensuring that the nation keeps part of her monies from oil and gas resources.

He said this in an interview with Xinhua during a three-day workshop here on natural resources sector policy and regulatory framework for the media.

Manteaw said Ghana’s decision not to touch the Heritage Fund was a novelty, adding that it could yield much dividend in the coming years to benefit the nation’s future generation.

According to him, there is the likelihood that sooner or later, the oil and gas resources will be depleted, so the decision by the current administration to keep part of the fund in investment is not only timely but also visionary.

“With the Ghana Heritage Fund (GHF), the laws protect the funds in such as a way that it is only dividends from its investment which could be touched in the foreseeable future,” Manteaw said.

He, however, warned that the current way of dispensing funds from the Ghana Stabilization Fund (GSF) was not too transparent, and urged its managers to ensure that Ghanaians were satisfied with how it was used.

The Oil and Gas Regulation 2019 charges the Ghana National Petroleum Corporation (GNPC) with the responsibility of the sale, distribution, transporting oil and gas, among other functions.

Ghana’s Petroleum Management Act 2011 Act (815), as amended Act (893), requires that the Finance and Economic Planning Minister submit annual reports on the petroleum fund as part of his presentation of the Annual Budget Statement and Economic Policy to the parliament of Ghana.

In compliance with the above law, the 2018 Annual Report by the finance minister captured an overview.

Receipts into and transfers from the Petroleum Holding Fund (PHF) were disbursed as follows: Deposits into the Ghana Petroleum Funds (GPF) namely, the Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF).

From 2011 to 2018, a total of $2,800, 042 was deposited into the GHF while a total amount of $11,400,783 was put into the GSF accounts to support Ghana’s socioeconomic development. Enditem


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