LET’S JEALOUSLY GUARD HERITAGE AND STABILISATION FUNDS-POLICY ANALYST

By Mark Boye

Mr. Emmanuel Kuyole, Country Manager of Natural Resource Governance Institute, (NRGI) has urged Ghana to jealously guard the heritage and stabilisation funds, for the benefit of unborn generations.

He said calls by people for the nation to expend the two funds are misplaced, since the best way to protect the interests of future generations is to save monies for them, adding if the nation is challenged today does not necessitate the need to use funds meant for future use.

His suggestions come on the heels of calls made some few months ago by, the general secretary of the Ruling National Democratic Congress (NDC) and some public figures in the country to utilise the two funds.

The total sum of the two funds which are kept in an offshore account at the end of 2013 was $447,160,095.55 million.

 Mr. Kuyole was speaking at an oil, gas and mining training programme for journalists at the New Media Hub in Accra. 

Touching on the processes for revenue collection and distribution, Mr. Kuyole stated that the Ghana National Petroleum Corporation (GNPC), notifies the ministry of Finance (MOF) and Bank of Ghana (BOG) about each lifting, including price and volumes. 

“BOG in turn notifies MOF when the lifting proceeds hit the PHF, MOF does the distribution of funds based on the Petroleum Revenue Management Act (PRMA)”, he stated. 

He continued that MOF does the distribution of funds based on the PRMA; and that, MOF writes to Controller and Account General Department (CAGD) to instruct BOG to proceed with the distribution but the BOG executes distribution.

The Programme was organised by Penplusbytes together with Natural Resource Governance Institute (NRGI) on the theme “Strengthening Media Oversight of the Extractive Sectors: Reporting on Oil, Gas and Mining” Course B training workshop.

The 10-day slated from 15th - 23rd of September 2014 is aimed at building the capacity of journalists to positively influence the transparent and accountable management of mining, oil and gas industries in Ghana. 

The workshop builds on an earlier programme for Ugandans, Tanzanians and Ghanaians Journalists held at the Africa Centre for Media Excellence (ACME) in Kampala, Uganda in June 2014.