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Government to
restructure GNPC
Accra, Feb. 17, Ghanadot/GNA -
Some sectors of the energy industry are to be restructured
to make them more efficient in meeting the energy needs of
the country, Vice-President John Mahama announced on
Tuesday.
Among the institutions to be restructured is the Ghana
National Petroleum Corporation (GNPC), which was being
repositioned to make it more responsive in meeting
government's programmes of becoming a wealthy nation in the
not too distant future.
Vice-President John Mahama, who announced this during a
meeting with a Norwegian Ministerial delegation at the
Castle, Osu, on Tuesday, however, did not elaborate.
The GNPC was established in 1983, although it started
operations in 1985 under PNDC Law 64 and tasked with
undertaking the "exploration, development, production and
disposal of petroleum".
Its mission, in part, was to promote, explore and develop
hydrocarbon (or oil and gas) resources to enhance the
economic development of Ghana.
Vice-President Mahama said the oil and gas reserves,
recently found off the Western Coast would be crucial in
helping to lift Ghana's economy to a middle-income status.
He said in doing so, the industry would be properly
constituted in order not to fall into a trap that had
befallen countries with natural resources, particularly
African countries, which remained saddled with economic and
social upheavals despite those resources.
The phenomenon has been dubbed; the "resource curse" and it
refers to the paradox that countries with abundant natural
resources like minerals and fuels tend to have less economic
growth and worse socio-economic development outcomes than
countries with fewer natural resources.
The Vice-President gave the assurance that the discovery of
oil in Ghana would be a "blessing" rather than a "curse" for
the people.
"Ghana must avoid the situation of oil being a curse for the
people", he explained, adding that, the involvement of
Norway in fashioning a sustainable energy policy was due to
the efficient way that country had managed her oil revenue
leading to her considerable development.
Norway is often cited as the best example of a crude
oil-exporting nation, which has remained stable and wealthy,
a situation that contrasted sharply with the situation in
Nigeria and Angola, which experienced a series of
socio-economic upheavals after the discovery of oil in both
countries.
Vice-President Mahama said the government would honour all
agreements the previous government entered into with their
Norwegian counterpart aimed at ensuring a transparent
management of oil revenue in the country.
He also hinted of a further collaboration in the areas of
environmental management to ensure stability in Ghana's
ecosystem.
Mr Erik Solheim, the Norwegian Minister for the Environment
and International Development, touched on the productive
working relationship between the two countries and
emphasized the need for further collaborations in the areas
of environmental management.
Mr Solheim hailed Ghana for being a leader in the
development of democratic culture on the African Continent,
citing her recent conduct of elections and the peaceful
transfer of power as examples for other African countries.
The GNPC was established in 1983, although it started
operations in 1985 under PNDC Law 64 and tasked with
undertaking the "exploration, development, production and
disposal of petroleum".
Its mission, in part, was to promote, explore and develop
hydrocarbon (or oil and gas) resources to enhance the
economic development of Ghana.
GNA
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