Management of Petroleum Resources for optimal value creation and development has been advocated the advancement of the Oil and Gas sector in Ghana.
Speaking at the 5th UCC GNPC Petroleum Chair Public Lecture Series on Ghana Oil and Gas, with the theme Managing Petroleum Resources for Optimal Value Creation and Development, Omowumi Iledare, said, “the implementation of existing petroleum policies with sustainable economic growth as the underlying primary objective will have more impact on the society’s welfare maximization desire than income redistribution. There is nothing wrong with income redistribution per se, but it does not possess the multiplier capability inherent in the desire to grow the economy steadily. Most often, wealth redistribution only creates an elite class with increased preference for overseas goods and services”.
OMOWUMI O. ILEDARE, PhD, is the GNPC Professor & Chair in Petroleum Economics & Management, UCC Institute for Oil and Gas Studies, Cape Coast, Ghana. He is also the Chirota & Emmanuel Egbogah Distinguished Professor of Petroleum Economics & Executive Director Emmanuel Egbogah Foundation & Director, SPE Africa Region, Abuja, Nigeria and Professor Emeritus, LSU Center for Energy Studies, Baton Rouge, USA.
He maintained that the rules of law must not be viewed as a nuisance in any society, a well-informed society is a vibrant society.
The Professor of Petroleum Economics stated that transparency and accountability really matter A LOT, as the survival of the petroleum sector depends on transparency and accountability as the steam engine that drives the economy.
He advised Ghanaian Government to enhance sound fiscal policy framework for managing the nation’s mineral wealth—oil-based budget rule, excess oil savings and mandated infrastructural dedicated spending.
“Make it easy for the empowerment and making fiscal responsibility and efficiency mechanisms apolitical.
Iledare
“Effective, efficient, equitable and ethical spending of revenue from hydrocarbon is the way to go Diversification process made easy into non-oil sector helps the GDP than revenue sharing, Petroleum assets domestication to grow the economy by local investors but carry agreement must not be perpetual, Perhaps people can begin to pursue opportunities locally in the energy sector starting from what local funding can do. Creating transparent and accountable environment requires easy access to information and minimization of the use of discretionary power by the government and its institution in the sector”, the Executive Director said.
Speaking on Economics & Environment, he said, “ Growing energy demand in emerging economies and other economies, Global warming and climate change, Volatility in Global oil prices is a domineering factor, Technology: Advances in drilling, completion, production and seismic technology, Improved hydraulic fracturing techniques to better control fractures and well stimulation, Public Policy Drive for energy independence as a policy tool to mitigate import, Policy incentives for conservation, investments efficiency, exploitation efficacy and Private investment flow towards unconventional development”.
