EITI legislation extended to Ghana’s oil industry

The Government is extending legislation on the Extractive Industry Transparency Initiative (EITI) to Ghana’s oil and gas sector for full disclosure.

Deputy Ministry for Energy, Emmanuel Armah-Kofi Buah says the initiative coupled with the Freedom of Information Bill, is expected to ensure good governance in the oil and gas industry.

The Ghana National petroleum Corporation and the Environmental Protection Agency have also been tasked to ensure that operators strictly abide by set standards.

He disclosed this in speech read for him at the Ashanti regional forum on the Local Content and Local Participation in Petroleum Activities. The Local Content policy framework, which has been approved by Cabinet is to be developed into legislation to ensure Ghanaians obtain maximum benefits from the oil find.

Mr. Buah noted the prevention of resource curse requires that exploratory and productive activities are not exposed to serious security risks.

He says the construction of pipelines to convey gas to the Aboadze Thermal plant among other industrial project offer prospects for local professionals and investors.

“We have plans to build an industrial estate to house the petrochemical and other industrial facilities. A mini harbor, warehousing facilities and storage tanks would be required. A rail line would also be required. With the availability of gas as cheap energy source, any sort of industrial activity can take place within the area.

“As for ancillary business activities like real estate, telecommunications, banking, insurance, weather forecasting, search and rescue services, transport and catering, the opportunities are unlimited”, the Deputy Energy Minister stated.

Mr. Buah challenged local investors and businesses to improve their capacity and skills level to take up investment opportunities available in the emerging oil and gas industry.

Story by Kofi Adu Domfeh