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;
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).