Dr Joe Amoako-Tuffuor, Professor of Economics at the Saint Francis Xavier University in Nova Scotia, Canada, said even though, the Oil Revenue Management Law sought to promote transparency and accountability, it was the civic responsibility of all to monitor how the money was put to use.
He was speaking on the topic: “The benefits from Ghana’s oil and gas resources”, at a public lecture organized by the Kumasi Polytechnic in Kumasi, on Friday.
Dr Amoako-Tuffuor said the oil and gas fields had the potential to propel the socio-economic growth of the country if the revenues were effectively and efficiently utilized for the benefit of the people.
“There is the need to work hard to give a future to Ghanaian children through effective and efficient use of oil and gas revenue.”
He said the long term benefit would depend largely on macroeconomic management, profitable use of the gas reserves for development and the prudent management of the petroleum returns.
Dr Amoako-Tuffuor warned of possible bad effects (Dutch Disease) on agricultural production, the rise in the value of the Cedi on the international market, which could affect the country’s export of non-oil products and migration of the labour force to the oil sector at the expense of other sectors.
He stressed the need for the effective management of these in order not to jeopardize other sectors of the economy, especially agricultural production.