Ghana to share experiences in Oil and Gas revenue management with Senegal

The President of the Republic, Nana Addo Dankwa Akufo-Addo, has indicated his preparedness to share the experiences Ghana has gained in the management of its oil and gas resources, since its discovery in 2007, as well as the measures taken to ensure the prudent and effective use of the proceeds from their sale with Senegal.

According to President Akufo-Addo, “With the recent discovery of oil and gas in Senegal in commercial quantities, and with our experiences, I believe Ghana is well-equipped to share with you the dos and don’ts in the effective management of oil and gas revenues.”

President Akufo-Addo’s statement was in response to the request put forward by the President of Senegal, His Excellency Macky Sall, at a meeting held at the Presidential Palace, on Tuesday, 16th May 2017, to discuss possible areas of co-operation between the two countries.

The production of oil and gas, and the revenues from the sale thereof, President Akufo-Addo explained, present the two countries with the perfect opportunity to transform the structure of their respective economies, from raw material producing and exporting ones to industrialised, value-added economies.

To this end, the two countries have resolved to create the necessary legal framework for the conduct of our bilateral co-operation in this regard, with Senegal soon to send a team to study Ghana’s nascent oil and gas industry and adopt best practices in the management of Senegal’s oil and gas resources..

Ghana, President Akufo-Addo told his Senegalese counterpart, is also seeking to deepen bilateral co-operation with Senegal in the areas of agriculture, particularly in the horticultural and fisheries sector, tourism, defence, trade, investment, and energy, amongst others.

“In the area of education, I believe that strengthening of co-operation between our two countries, especially in the learning of English and French languages by our youth, would be of immense benefit to us, as we seek to make the process of integration of West Africa real. To this end, my government intends to make the learning of the French language compulsory from basic to Senior High School level,” he said.

President Akufo-Addo continued, “Co-operation with Senegal in the training of French teachers would be helpful in ensuring the success of this policy. By the same token, I am keen to revive the yearly linguistic programme between the two countries which will enable Ghanaian students undertake proficiency courses in French at the famous Université Cheikh Anta Diop, in Dakar.”

Reiterating his commitment to the ECOWAS project, President Akufo-Addo stressed the commitment of his government towards strengthening the ECOWAS Community.

With West Africa’s population set to reach some 500 million people in 20 years time, President Akufo-Addo indicated that there are immense opportunities to bring prosperity to West Africa, with hardwork, enterprise and creativity.

“The time for West African integration is now. Ghana and Senegal should be at the forefront of the process that will convert ECOWAS into a true regional market. A working, common regional market in ECOWAS has to be a very fundamental objective of all of our peoples and governments in the region,” he said.

Touching on the situation in neighbouring Cote d’Ivoire, President Akufo-Addo maintained that peace and stability in the region are essential to the viability of the ECOWAS market.

“To that extent, all of us in the region are anxious to see the unfortunate events of the last few days in Cote d’Ivoire come to a rapid conclusion so that peace, law and order can be guaranteed in that key member state of ECOWAS. We must all encourage and support the initiatives President Alassane Ouattara is taking to find a satisfactory conclusion to the crisis, to the mutual benefit of all. We pray for God’s guidance for him and all the actors in the Ivorian situation,” he added.

President Akufo-Addo commended President Macky Sall for the strong leadership he has shown, since assuming the reins of office in Senegal, which has led to that country becoming the second fastest growing economy in West Africa, having grown at 6.6% in 2016, behind Côte d’Ivoire, and the fourth fastest in sub-Saharan Africa.

“Under your leadership, Mr. President, the agricultural, industrial and services sectors of the Senegalese economy have witnessed significant growths. Reforms and public investment under the Plan Senegal Emergent (PSE), together with your strong leadership, account for this. Long may it continue!!”

“Perforce, I must applaud you for the step you have taken to establish the industrial enclave at Diamniadio, which you are going to show me this afternoon, and the ultra-modern tram system, the first in West Africa, to link Dakar to the industrial enclave. The success of these undertakings can only enhance the strength of the Senegalese economy,” President Akufo-Addo added.