MEASURES THE GOVERNMENT OF GHANA HAS
PUT IN PLACE TO ENSURE EFFICIENT
MOBILIZATION AND UTILIZATION OF THE OIL
REVENUE.

OBJECTIVES
EVOLUTION OF OIL IN GHANA
EFFICIENT USE OF OIL REVENUE IN GHANA
MONITORING AND MANAGEMENT OF OIL FUND
CONTRIBUTION OF OIL REVENUE TO THE ECONOMY

LECTURER: DR. RAYMOND DZIWORNU.




INTRODUCTION

Oil and gas is an important resource for economic growth and
development. There has been no doubt that the emergence
and the discovery of oil has had an effect on the economy
since the oil rigs began pumping crude oil off the western coast
of Ghana. The synergy between the oil and gas industry and
the rest of the economy is critical for ensuring that Ghana
achieves broad based development and that exploitation of its
natural resources meets the need and aspirations of its
citizens.
EVOLUTION OF OIL IN GHANA
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Historically, petroleum exploration began in Ghana in the late
1890s in the “Half Assini”. Since then, prospect for oil in Ghana
incessantly continued unabated until June 7th 2007 when Ghana
broke its shackles to join the most prestigious organizations of the
petroleum exporting countries (OPEC). The discoveries of the oil and
gas were made in two deep water blocks: cape three points and
Tano by Kosmos Energy and Uk-Irish tullow- respectively. The two
discoveries, referred to as the jubilee field.
MEASURES
 Utilization
of the oil revenue in prioritized
sectors.
 The
Petroleum Revenue Management Act—
Act 815.
 Ghana
petroleum fund
 Mobilization
of oil revenue
UTILIZATION OF THE OIL REVENUE IN
PRIORITIZED SECTORS.

The government of Ghana has prioritized
certain sectors of the economy to receive
funding, thus, spend oil revenues on education
and agriculture. This is in fulfillment of the
section 21(5) of the petroleum revenue
management act 2011(815).
THE PETROLEUM REVENUE MANAGEMENT ACT—
ACT 815.

The Petroleum Revenue Management Act (PRMA) was passed
by Parliament and assented to by the President of the Republic
of Ghana in April 2011.

It provides the legal basis for how the future petroleum revenue
of the country shall be managed.

Provides a framework for the collection, allocation and
management of petroleum revenue in a responsible,
transparent, accountable and sustainable manner for the
benefit of all citizens of Ghana.
GHANA PETROLEUM ACCOUNT
The government has set funds where all revenues generated
from the exploitation of the oil:
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Stabilization fund.
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Government pension fund.
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Ghana heritage fund.
MOBILIZATION OF THE OIL REVENUE.
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Handling over the oil
revenue into the hands
of GNPC.
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Obtaining permit from
GNPC
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Involvement of GNPC in
the
jubilee field
CONCLUSION

As the government tries to employ these measures to mobilize and
distribute these funds, it is worth mentioning that these must be done
judiciously. Numerous policies in the country are at best on paper. The
actual implementation of many wonderful policies meets challenges such
as corruption and lack of commitment to execute them. Undoubtedly, if
much integrity and commitment is accorded the mobilization and
distribution of the oil funds, Ghana could be on her way to becoming a high
middle income country.
THANK YOU
END OF PRESENTATION
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