CPP backs oil collateralization policy of government

Accra, Jan. 8, GNA - The Convention Peoples Party (CPP) on Saturday marked the 61st anniversary of 93Positive Action Day," with a declaratio= n that 93the principle of Oil backed loans is not a bad one".

The party, however, noted that a CPP-led government would have selected three distinct areas which will add value to the economy and create more revenue to invest in the obvious infrastructural deficit. "We would seek to collateralize to build a gold refinery factory so we could add value to gold in the country instead of being a net producer and earn the economy additional revenue from this resource.

"With the Gas infrastructure being crucial to the country's electr= icity and industrial development agenda, we would collateralize to build our gas plant in record time the same as we've done for our Oil production," Mr Kwame Jantuah Junior, CPP Shadow Cabinet member for Energy stated at a pres= s conference in Accra to mark the Action day. At the press conference which was the 12 in the series on 93HOW CCP WI= LL DO IT" 96 ENERGY SECTOR," the party said: 93We will collateralize to develop our human resource capacity especially in our universities, technical and vocational institutions and further help local content companies to build capacity to compete effectively in the industry both locally, in the sub region and internationally. Focusing on the electricity sector, Mr Jantuah said the party was satisfied to some degree with the institutions that were handling the generation of power in the country. However, a CPP government would ensure that stringent but realistic quality of services benchmarks under relevant regulations were adhered to b= y the utility service providers.

He said the government would ensure that 93failure to comply with the= se benchmarks will result in applying hefty penalties and sanctions under the regulations and we'll make sure that this is enforced. "A CPP government would hold to task the Public Utilities Regulatory Commission, especially where there has been an increase in tariffs as is experienced today to enforce their key targets for achieving quality of service. "A CPP government will endorse and discuss with all stakeholders a ma= jor review of the tariff system to make it applicable to today's electricity needs of our country's development.

"Have a holistic audit conducted of the country's electricity infrastructure to ease out those old and antiquated equipment that hinder the smooth distribution of power that will be the cornerstone of our country's industrial development". The CPP said it would also encourage the use of alternative renewable sources of energy in the country and will with the Energy Commission begin to put together the case for the use of solar energy through the establishment of solar farms on a mass scale. "A CPP government will hold ECG to task with regards to the lapses i= n distribution and the frequent outages once the infrastructure is upgraded and investment is in place, as we would be calling on our development partners to assist with upfront funding of the refurbishment of the utility companies as a preparation for their developing a sound balance sheet for a= n effective utility service delivery," he said.

On oil and gas, the CPP said it would see to the prudent targeting of the country's oil and gas revenues and with all stakeholders drafting and bringing into being a National Development Plan that would take into consideration all the potentials of the 10 regions on an integrated basis. "We believe such a plan will stave the kind of agitation beginning t= o rear it's head in the Western region and can create dire consequences for our nation," the party stated.