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Gov’t urged to introduce policies to ensure proper utilization of petroleum revenues – Citi Business News

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Economist, Dr. Theophilus Acheampong has criticized government’s utilization of resources from the country’s petroleum funds.

The Ghana Petroleum Fund is meant to channel excess petroleum revenue into financial instruments for sustaining public expenditure capacity during periods of unanticipated petroleum revenue shortfalls and serve as an endowment to support the development for future generations.

They comprise the Ghana Stabilization Fund (GSF) and the Ghana Heritage Fund (GHF).

In an assessment of the management and use of petroleum reserves for the past ten years, Economist, Dr. Theophilus Acheampong disclosed that these petroleum funds are not yielding the results that they were set up for.

According to him, this is because they are being used for other purposes, such as payments of debts; an act that does not engender production and its related benefits to the country.

He was speaking during a public lecture organized by the Public Interest and Accountability Committee (PIAC).

“When we look at the year-on-year inflows, especially with the Stabilization Fund, we put the money in, we withdraw, we lower the cap, and we’ve never been able to build up the buffers within the Stabilization Fund,” he said.

“If you look at the withdrawals, over 75% of the withdrawals from the Stabilization Fund have actually been used for debt repayment over the years. What really is the return of that on the productive economic base of the country? We didn’t find any evidence of the oil revenues translating into substantially changing the productive economic base of the country.”

Dr. Acheampong then called for the right policies to ensure the right utilization of the country’s petroleum revenue.

“There’s no debate as to whether we need to keep some of the money aside for future generations. The debate really has been on the quality of investment we were making with those monies. How do we get better quality instruments to get better returns on those investments and live off those returns while we build up that fund? And this doesn’t necessarily mean buying treasury bonds. We can actually invest locally, but find a way of ring-fencing them so that the politicians don’t end up taking that same money.”



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Women in timber set agenda to drive afforestation for the survival of industry

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The Association of Women in Timber-Ghana (WiTG) has called for gender equity in timber processing factories.

The Association laments women have lost opportunities in the timber value chain due to the under-representation of women in forest governance.

A study conducted by the Global Timber Forum (GTF) revealed the ratio of men to women in timber processing factories globally is about 73% to 27%.

The Association of Women in Timber-Ghana (WiTG) has been launched in Kumasi to help build and increase the participation of women in the sector.

President of the group, Ernestina Owusu Banahene, says the Association will join forces with research institutions to tackle issues of reforestation for future supply of raw materials.

Women in timber set agenda to drive afforestation for the survival of industry
President of the group, Ernestina Owusu Banahene

“Considering the role of women in this male-dominated sector, I believe we deserve the needed recognition, it was prudent for women in the sector to come together to project their importance and contributions in the forest sector, hence the Women in Timber-Ghana (WiTG) Association. 

What the WiTG platform offers is a tailored solution to addressing industry challenges that are affecting women,” she said.

 The Minister of Lands and Natural Resources, Samuel Jinapor, believes the Association will help women in the forest sector to showcase their abilities to improve activities in forestry.

He was represented by Edith Abruquah, the Acting Executive Director of the Forestry Commission.

“Participation of women in the sector is arguably often overlooked. 

I was elated when I received a briefing on this laudable initiative of establishing a Women’s Group to serve as a platform to promote the contributions of women in the sector while offering opportunities for building their capacities to ensure that they manage their businesses viably.

I am convinced that this Association, in addition to other ongoing initiatives by the Ministry of Lands and Natural Resources will prove useful in addressing gender inequality for every Ghanaian woman in the forest sector to showcase their abilities and capacities in order that society at large will be beneficiary,” Mrs. Abruquah read on behalf of the sector minister

Women in timber set agenda to drive afforestation for the survival of industry

The launch of the Women in Timber-Ghana Association in Kumasi was on the theme: “Strengthening Women’s Participation in Forestry and Wood Industry in Ghana”.

The association currently has 150 registered members.



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Major players in capital market across West Africa push for speedy integration  

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Rev. Daniel Ogbarmey Tetteh

Major players in the capital market across West Africa have intensified efforts to integrate their operations, to enhance cross border trading.

According to the stakeholders, the move to integrate, which began about five years ago was distorted due to uneven regulations among capital markets in the sub region.

Speaking on the first day of the two-day West Africa Capital Market Conference 2021, in Accra, the Director General of the Securities and Exchange Commission, Rev. Daniel Ogbarmey Tetteh stressed that countries with stronger capital markets have decided to start the integration and later allow others to join.

He stressed the need to move faster towards integration since it will enhance the capital market performance in the sub-region.

“Capital markets are key areas for development because they provide funds for long term capital investment. The interesting bit about having integration in the sub-region is that it will enable an issuer to have access to more fund in the region for capital expenditure”.

He stated for example that an integration will provide an opportunity for Nigerians to invest in Ghana and vice versa.

The West Africa Securities Regulators Association (WASRA) is the regional association for Capital Market Regulators in West Africa with the mandate of facilitating corporation and consultation among Capital Markets in the West African region.

As a flagship programme of WASRA, the conference is a biennial event that seeks to present the West African region and indeed Africa as a whole the opportunity to address important issues related to the orderly growth and development of the regional and continental capital markets.

The conference brought together relevant stakeholders and experts including but not limited to regulatory agencies, market operators, inter-regional economic bodies, and stock exchange managers.

The Managing Director of the Ghana Stock Exchange (GSE) Ekow Afedzie emphasized the need for a quick integration of the capital market on the continent.

“The processes have delayed for a while and for some observers the integration can start gradually so that other countries can join later,” he said.



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Ghana hosts 31st Annual Meeting of Board of Governors of ACBF

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The Government of the Republic of Ghana is hosting the 31st Annual Meeting of the Board of Governors of ACBF from May 23rd, 2022, at the International Conference Center.

The main objective of the meeting is to seek broad policy and strategic direction for the foundation as well as discuss sustainability issues.  

In this regard, the Board of Governors will receive from an update on the activities of the Secretariat and the 2021 Financial Statements from the Executive Board.

With 2022 being the last year of the current strategy (2017-2022), the meeting will also discuss what is on the horizon and consider the roadmap to develop the next strategy.

The 31st Annual Meeting presents an opportunity to showcase the continued relevance of the foundation and increase its visibility. This is also an opportunity to deepen the partnership with member countries and strategic institutions such as multilateral and regional partners.

The Board of Governors of ACBF which is the highest policy making body of the Foundation comprises representatives of ACBF member countries and non-African countries, as well as the World Bank, the African Development Bank (AfDB), and the United Nations Development Programme (UNDP). The Governors are usually African Ministers of Finance and/or Economic Planning, Directors-General or other high level representatives of international development cooperation agencies for non-African countries.

The Board of Governors has a bureau of three members, (Chairperson and two Vice-Chairpersons) who are elected annually.

The Minister of Finance, Ken Ofori-Atta, is the current Chair.

Its main responsibility is to set the broad policies for the operation of the Foundation, as well as the appointment of the independent members and chairperson of the Executive Board.



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