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Ghanaian entrepreneurs challenged to invest in oil
Accra, April 2, Ghanadot/GNA – Ghanaian
entrepreneurs were on Wednesday challenged to invest in the
country’s oil production in order to retain its wealth for
the local people.
This would ensure improved standard of living for majority
of Ghanaians, unlike the contribution of the country’s other
natural resources, Mr. Kwame Gyan, Lecturer at the Faculty
of Law, University of Ghana, said.
Mr Gyan made the call at a seminar organized by the Faculty
as part of activities to mark the 35th Law Students Week in
Accra. He spoke on the theme: “Ghana and the Discovery of
Oil”.
Mr Gyan said government must create a conducive environment
for local investment, since foreign investments had not
added to the wealth of the citizenry.
“It is obvious that Ghanaians have benefited little in our
gold resource, for instance, and the state of our mining
communities attest to this fact,” he said.
The Lecturer also called for the design and
operationalisation of a robust framework that would
integrate the oil production into the economy to yield
maximum revenue for both investors and the country.
Mr Gyan further implored government to adopt an effective
regime that would create harmonious existence among all
stakeholders considering that there were bound to be
conflicts of land interests, which served as a threat to
investment.
“Ghanaians must commit themselves to developing their
expertise to contribute and benefit equally and should be
ready to learn on the job,” he added.
Mr Thomas Manu, Director of Exploration and Production of
the Ghana National Petroleum Corporation (GNPC), said lack
of capacity had been identified as a major challenge to the
sector.
Speaking on; “The Role of GNPC in Oil Exploration”, he
stated that a consultative process was ongoing to adopt a
comprehensive Petroleum Agreement that would spell out terms
of negotiations and other regulatory mechanisms.
He said production was expected to kick-off in 2009 and
hinted that five more wells would be explored this year for
other potential reserves.
The Director said over 24 billion barrels more were expected
in addition to the 1.5 billion barrels discovered.
Mr Manu asked Ghanaians to change the perception that the
oil would address all the country’s problems adding “even
the employment opportunities would be for only those with
expertise relevant for the sector”.
GNA
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