Government needs to understand chain in resource management for growth - IES

Correspondence from Central Region

The Institute for Energy Security (IES) has implored the Government to better understand the process of resources from exploration to exportation for effective management.

It said the Government needed to begin development of its geological information regarding its resources to avoid relying on multi-nationals for such information.

Adding that there was the need for the country to understand their asset to enhance its effective management. The Director of Research and Finance at IES, Edmond Kombat told Ghanaweb that for effective management of natural resources, the Government should present experts who understands the resource than relying on the convention of sending appointees who have no or less knowledge to negotiate terms of agreement.

Again, the contracts agreement should be carefully written to be inline with the country’s laws and long term development objectives to ensure the resource serves the development need of the people.

Though, Ghana was benefitting from its resources through its contribution to the Gross Domestic Product, it expect more from the direct and indirect benefits for growth and development.

He said the current crisis should inform the country on the need to redefine the course than to repeat the old known approaches to improve the economy.

“Russia Ukrainian also gave us another opportunity to start doing domestic production of finished petroleum products. but we have failed to take the lessons and rather seeing it as an opportunity to create a bigger mess which is what has landed us into this crisis we find ourselves", he added.

He noted that it was time for the country to deliberate, engage experts and policy makers for the better use and management of the natural resources at their disposal to change the fortunes of the economy.