IEA’S PETROLEUM TRANSPARENCY AND ACCOUNTABILITY (P-TRAC) INDEX REPORT
31 Jan, 2018 At 00:00:00 am | (IEA Conference Hall)

PRESENTATION OF IEA’S PETROLEUM TRANSPARENCY AND ACCOUNTABILITY (P-TRAC) INDEX REPORT.

 

On Tuesday, 30TH January, 2018, Prof. John Asafu-Adjaye, Senior Research Fellow at the Institute of Economic Affairs (IEA), led a presentation on the IEA’s Petroleum Transparency and Accountability (P-TRAC) Index Report.

The P-TRAC Index Report, an initiative of the IEA seeks to promote transparency and accountability in the management of Ghana’s oil and gas resource and enhance the level of responsibility of policy makers. The report is used to monitor aspects of the oil and gas sector namely; revenue transparency, expenditure transparency, contract transparency and the management of Ghana’s Petroleum Funds.

 

Prof. Asafu-Adjaye sought to present his findings of the analysis on transparency and accountability over the past seven years of petroleum production in Ghana and highlight the key challenges and constraints faced by the petroleum sector.

 

Dr. Frankie Asare-Donkoh, Director of Advocacy and Programmes at the Institute gave distinguished guests a warm welcome to the IEA. Following an introduction by Dr. Asare-Donkoh, Visiting Senior Fellow at the IEA, Dr. Osei-Assibey, gave his opening remarks as Chairman of the programme in which he gave guests a brief insight into the theme and introduced Prof. Asafu-Adjaye.

 

Prof. Asafu-Adjaye began his presentation by giving participants an overview of the IEA’s P-TRAC Index Report. This was followed by a detailed look at the four key aspects of the P-TRAC Index Report. Prof. Asafu-Adjaye concluded that, some progress had been made over the past seven years in the management of Ghana’s Petroleum resources. The overall P-TRAC Index score increased from 64% in 2011 to 83% in 2017.

 

Prof. Asafu-Adjaye’s comprehensive presentation was ended by some well-thought policy recommendations which include;

  • Advocating the speedy passage of the Right to Information Bill, which will improve the institutional environment not only in the petroleum industry but also in the entire extractive sector
  • Urging Parliament to fast track work on the Ghana Extractives Industries Transparency Initiative (GHEITI) Bill and the Marine Pollution Bill. The GHEITI Bill will enhance governance in the petroleum and the other resource industries by placing a legal requirement on them to report revenues, expenditures, and other key protection data. The Marine Pollution Bill will ensure that oil companies meet their environmental responsibilities.
  • Advocating more public disclosure of contracts and the licensing process with the passage of the Petroleum Exploration and Production Act 2016.
  • Provision of more information on petroleum revenues and expenditures beyond what is provided in the Budget and Supplementary Budget, advocating for a separate publication in simple language that can be understood by all.
  • Urging government to make resources available to build the capacity of Parliament to scrutinize petroleum contracts to ensure that Ghanaians obtain the best out of contract negotiations.

The event was well attended by key stakeholders including senior government officials, academics, representatives of civil society organisations, officials of the main political parties, traditional leaders, members of diplomatic corps and the media. Among the dignitaries in attendance were; Hon. Mike Gyato (Deputy Minister of Sanitation and Water Resources), Hon. Patrick Boamah (Ministry of Sanitation and Water Resources), Sam Okudzeto (Council of State), H.E Rayford Mbulu (Zambian High Commissioner), Brig. General R.O Sackey (Office of the President) and Hackman Owusu- Agyeman (COCOBOD Chairman).

 

 

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