Youth and Oil & Gas Governance in Ghana - Friedrich-Ebert-Stiftung ...

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Youth and Oil & Gas Governance inGhanaThe main criticism towards the EITI is the lack of efficiency due tonon-compulsory guidelines of the organisation. This deficit meansthat Ghana can voluntarily fulfil the transparency standards of theorganisation as it happened in the mining sector. However, in theoil sector, no action has been taken to improve the overall transparencybecause there are no legal measures that are backing upthe fulfilment of EITI standards. 8The current lack of transparency in Ghana’s oil policy envisages inthe refusal of the Government to publish the contracts that weresigned with the companies involved in the oil production.The ‘Petroleum Revenue Management Bill’In early 2010, the Government of Ghana proposed a ‘PetroleumRevenue Management Bill’. The purpose of this legislation is toregulate the use and management of the rents that will be generatedthrough the oil industry. According to a publication by Dr.Amoako-Tuffour from the Ministry of Finance and Economic Planning,a central feature of the bill is to split the revenue within theAnnual Budget Funding Amount (ABFA) into two long-term funds,namely the Stabilisation Fund and the Heritage Fund. These fundswere established to back up the country’s economy in case of oilprice variability and “to generate an alternative stream of incomefor the future”. 9 The bill suggests using at least 30 % of the oilrevenue for the long-term funds. The other 70 % of the revenuewill stream into the annual budget of the Government.The “Petroleum Revenue Management Bill” suggests variouslimitations for the spending of the ABFA and also rules for reportingon oil findings and investments, along with the creation of anindependent regulatory body. However, despite the fact that taxescannot be allocated in the state budget, the state needs to showthe political will and the commitment to provide a detailed plan ofhow the revenue will be spent wisely in order to ensure the devel-8 Ibid.9 Amoako-Tuffour, 201036
Chapter 2opment of the country. For instance, it is not possible to directlyderive investments in the infrastructure of the country from thebill. Even though it is widely appreciated that the government triesto introduce legal measure to regulate oil revenue management,the lack of details is the target of many critics. 10Even more important is the fact that the bill was pending in frontof the parliament for almost a year and has still not become alaw. The main conflictive issues in the parliament debate were thepercentages of the revenue that will stream into the budget andrespectively into funds and the question if a Public Interest andAccountability Committee (PIAC) should be established to enhancepublic accountability and transparency in the managementof the petroleum revenue. 11Possible Rewards from the Jubilee FieldThe possible rewards from the Jubilee field are of great interestto various institutions. Therefore predictions and base cases havebeen made, although some calculation parameters are very uncertain.The oil companies themselves definitely have the greatest knowledgeof the important parameters, but none of them have announceda revenue forecast.As the oil company Exxon bid US$4 billion (and they had insightinto non-public data) for Kosmos’ 23.5% stake in the Jubilee field,they must have assumed an absolute minimum revenue from thetotal field of US$17 billion for the whole period of production. 12The most detailed public base case has been published by theWorld Bank staff in December 2009. Interpreting the WorldBank data, the bank’s staff calculated total companies’ (excludingGNPC) revenues of US$ 8.29 billion for the whole produc-10 Ibid.11 Ghana News Link, 201112 www.ghanaweb.com, 200937
Page 1 and 2: Admittedly, the discovery of oil in
Page 3: YOUTH AND OIL & GASGOVERNANCE IN GH
Page 7 and 8: ForewordThe discovery of oil in com
Page 9 and 10: Purpose of the StudyPurpose of the
Page 11 and 12: Executive SummaryExecutive SummaryA
Page 13 and 14: ContentsContentsAcknowledgement 3Fo
Page 15 and 16: ContentsGovernment and corporate ag
Page 17 and 18: List of TablesList of Tables1. Expe
Page 21 and 22: List of FiguresList of Figures1. Wh
Page 23: List of MapsList of MapsGhana’s O
Page 27 and 28: find job opportunities immediately.
Page 29 and 30: Chapter 2Chapter 2Overview of Ghana
Page 31 and 32: Chapter 2(18.6%). However, in terms
Page 33 and 34: Chapter 2Effects of oil productionW
Page 35 and 36: Chapter 2plan was already on the ta
Page 37: Chapter 2ExcurseTraditional Ghanaia
Page 41 and 42: Chapter 2Even though a large youth
Page 43 and 44: Chapter 2Obviously, today’s young
Page 45 and 46: Chapter 3Chapter 3MethodologyThe st
Page 47 and 48: asking for opinions on statements,
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Youth and Oil & Gas Governance inGh
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Chapter 7Chapter 7Youth opinion on
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Chapter 7most respondents do not kn
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Chapter 7• Clauses 46 to 48 provi
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Chapter 7and not the full document.
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Chapter 7Government and corporate a
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Chapter 7not considered to be a cle
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Chapter 7Respondents from the Ashan
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Chapter 7how it could be used for j
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Chapter 7bilee Field has made a glo
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Chapter 8capacity and skills necess
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Figure 14 shows that half of the re
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Chapter 9Chapter 9Media, Community
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Chapter 9Information flow on the oi
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Chapter 9Region, the heart and sour
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Chapter 9be counted due to the high
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Chapter 11Chapter 11Possible Centre
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Chapter 11T.R. Gurr (1970), page 13
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Chapter 11T.R.Gurr (1970), p. 46 an
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Chapter 11Possible Sources of Confl
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Chapter 11• Participation -- is t
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Chapter 11frustration will be proje
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Chapter 11Therefore, the Government
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BibliographyBibliographyUkeje, C. (
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BibliographyNii Moi Thompson and Le
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