Starve the Stabilisation and Heritage Funds for 5yrs – Prof Gyan-Baffour
Prof George Gyan-Baffour, Member for Wenchi, said the proposed Heritage and the Stabilisation funds that will hold Ghana’s petrol revenue be starved for five years.
He said revenue accrued within the period should be channelled into building sound health, road and agriculture sectors for the sustainable development of the country.
Prof George Gyan- Baffour said speaking to the motion for the adoption of the report on the Petroleum Management Bill 2010.
The 64 clause bill which was read the first time July 20, 2010 proposes that 50 to 70 per cent of the revenue that accrue from oil be used for budgetary support while 30 per cent be put into savings.
Thirty per cent of the amount saved will be allocated to the Heritage Fund while 70 per cent put into the Ghana Stabilisation Fund for future generations.
Prof Gyan Baffour, a former Deputy Minister of Finance and Economic Planning, noted that after the five years, the oil and gas revenue could be pumped into the two funds.
He explained that Ghanaians needed quality health care and good roads for accelerated development of the country.
He said there was a general trend of following illogical sequences in dealing with issues arguing that the Petroleum Exploration and Production Bill must be the first to be considered before the Revenue Management Bill but the reverse was done.
Mr Moses Asaga, Member for Nabdam, said the Ghana National Petroleum Company (GNPC) has proven to have a stature that could match with other international oil companies.
He called for support for the GNPC saying that the company has the capacity to represent the state as its technical competence has not been doubted.
Mr Asaga also supported claims of the Chiefs of the Western Region for development asked that three chiefs from the Western Regional House of Chiefs should be sponsored to Norway to learn from their example.
He said 70 per cent of the oil revenue should go to the consolidated fund.
Papa Owusu Ankomah, Member for Sekondi, said in response to concerns of Ghanaians, some people have formed “Cape militias” in the Western region but no one knew their membership.
He said those people have accused central government for not paying attention to the interest of the indigenes in the bill.
He said the Western region needed special attention and development intervention.
Papa Ankoma appealed to the people in the Western region to be patient since their concerns which is before a house that recognizes the need for the region’s accelerated development.
Mr Joe Gidisu, NDC Member for Central Tongu, said the leadership will not disappoint the people of the Western region.
Source: GNA
Very surprise and I don’t know which planet these people leaving. Is a shame before Ghana discover oil, Ghana has gold, Cocoa and other highly export product without added value yet the country will have done very well if not mismanagement, but now we have oil, instead of saving for the future, the same leaders who are visionless over the years wants to continue that low life road. Is very sad sad sad, why Black Africa is useless and never learn. Look at Canada with Alberta where the oil comes from, you can only borrow from the heritage fund and as a government pay interest instead of borrowing from IMF or World Bank for meaningful projects with better returns to pay back loan and interest. That is the way to go. some EWE are like that during overthrown of Dr. Nkrumah the same happen and nothing was done and everything was left at the mercy of distruction.
When are these people going to learn. Ghana need very young leader who think better than these old folks who think about themselves and their family nobody else.