Consultative forum on petroleum revenue management in Upper East
Participants at a consultation forum on Petroleum Revenue Management held in Bolgatanga, on Tuesday underscored the need for the Government to use the money that would accrued from petroleum revenue on education.
They noted that educational infrastructures in most schools especially in the three northern regions, were not the best and this was seriously undermining the delivery of quality education.
The participant said education was the cornerstone to development and the major tool that could move the three northern regions to catch up with the other parts of the country.
They indicated that there were many schools in the northern regions which lacked educational infrastructure such as furniture, and pupils in such schools had to lie on their stomach to write, whereas others also sat under trees to learn, all of which affected teaching and learning.
They therefore suggested that Parliament should come out with a Legislative Instrument backing the proposal that the bulk of the monies accrued from the petroleum be channelled to the educational sector.
The participants also advocated that part of the revenue should be channelled towards the development of the three Northern Regions which lagged behind in terms of development.
They expressed fears that the oil discovery may come with its own problems and may worsen the already fragile economy and appealed to Government to put up the necessary measures to avert any negative consequences.
Dr Joe Amoako, Special Advisor to the Minister of Finance and Economic Planning assured the participants that Government was putting in place effective checks and balances to avert any consequences and said exploitation of the petroleum would contribute effectively to the development of the nation.
He added that prudent economic measures would also be put in place to ensure the effective management of the exploitation of the petroleum product to benefit the entire nation.
Dr. Amoako said Government had learnt its lesson from other existing Funds including the Ghana Education Trust Fund (GET-fund), Road Fund among others and therefore would use judicious means in managing the oil fund.
He explained that monies to be accrued from the petroleum pacts would also benefit the unborn generations, saying interests of the money would be kept in banks for posterity.