Skip to main content

We must add value to our minerals to create employment- Petroleum Minister


By: Fred Yaw Sarpong- Daily Express

Leaders in Africa especially those in the Economic Community of West Africa State (ECOWAS) sub-region have been urged to create value addition to the mineral resources at their disposal in order to create employment for their people.

The Minister for Petroleum, Mr. Emmanuel Armah-Kofi Buah said the region is blessed with all kinds of resources such as oil and gas, gold, diamonds, bauxite, manganese, iron ore, limestone, coal, uranium and among other.

“Despite our region’s undisputed potential in all these resources, there remains the challenge of taking the opportunities to optimally utilize this resource potential,” Mr. Armah-Kofi Buah said this in his opening address at the on-going three-day 1st ECOWAS Mining and Petroleum Forum and Exhibition (ECOMOF) at the Accra International Conference Center.

The forum is under the theme: “Valorizing West Africa’s Mineral and Petroleum Resources through Regional Cooperation,” and it expected to end today Thursday 8 October, 2015. Over 100 delegates made up of mining and petroleum Ministers from the sub-region attended forum.

He said individual countries of the sub-region continue to compete among themselves to export unprocessed mine products, without the least efforts at adding value to these minerals. “We have failed to do this to improve our economies,” he added.

The Minister said “oil continue to flow from wellheads from oilfields offshore and onshore to markets abroad to serve foreign refineries while governments in our sub-region spend scarce foreign exchange to import finished products.”

Mr. Armah-Kofi Buah said as governments and individual countries continue on this path, they are not only denying their citizens the opportunities of capturing the enormous value associated with the entire value chain of these resources, but they are also creating decent jobs in foreign lands while the sub-region populations hallow in rising unemployment, a phenomenon that is becoming a security threat in the sub-region.

“In a similar vein, we are creating entrepreneurs, growing allied businesses in foreign lands and building their economies at the expense of our indigenous business and national economies,” the minister noted, adding that “it is the need to reverse this paradox of hunger in the mist of plenty.”

“What can we do to make sure that crude oil that we are all producing so much in the sub-region, we are not selling it to Europe and other countries to be produce to us back to buy as finished product?

“We must strategize to make sure that our refineries are working. It is time we pull resources together to put up some of these refineries in the region,” he appealed to ECOWAS leaders.

The Minister stated that “we can come together and establish a good crude oil refinery here in Ghana while a gold refinery can be located in another member country, just to make sure that our resources are refine here in the region by adding value to them,”

He appealed to the participant at the forum to provide foundation blocks that will enable the sub-region construct the needed transformative agenda to deliver national and regional economic development, create employment, and above all, improve the standard living of the average ECOWAS citizen through value added utilization of collective resources.

The President of ECOWAS Commission, H.E. Kadre Desire Ouedraogo promised that the commission will continue to be guided by ots core operative principles that border on cooperation, harmonization and integration.

“We will continue to make concrete proposals that will enable the ECOWAS Authority of Heads of State and Government and the Council of Ministers take decisions on the main orientations of policies of Member States and the Community.








Comments

Popular posts from this blog

PFM Act to guide local government authority borrowing

By: Fred Yaw Sarpong
The bill, Public Financial Management (PFM) Act 921 which has been passed into law by Parliament is to guide public institutions especially the local government authority borrowing. The law was pass on 3rdAugust, 2016
According to the law, local government authority, a public corporation or state-owned enterprise is liable for the debt and other obligations without recourse to Government, unless otherwise explicitly guaranteed by Government in accordance with this Act.
Madam Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the Ministry of Finance told the Daily Express that the law involves a lot but it also give instruction to how state institutions can borrow especially with the  local government authority.
She mentioned that there is no specific law in place that gives direction as to what local authority can do when it comes to borrowing by the authority. Other public corporations sometimes borrow with huge amount for their operation but loca…

Vodafone fined a record £4.6 million for IT blunder

A top-up error left pay-as-you-go customers out of pocket and complaints were mishandled
Vodafone has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of pocket in a disastrous IT blunder.
Ofcom found that the operator mishandled complaints and failed to pay into the accounts of more than 10,000 pay-as-you-go customers when they topped up their credit.
The top-up error, which cost customers £150,000 over 17 months in 2014 and 2015, stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans caused so much protest that it made Vodafone the most complained-about mobile network in Britain.The technical issues were resolved by April 2015 and all accounts are now on the new system, Vodafone said.
Lindsey Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were serious and unacceptable, and these fines send a clear warning to all telecoms companies.”
The company says that it has ref…

Enterprise Life inaugurates social centre for Kumasi SOS village

By: Fred Yaw Sarpong
Enterprise Life and Sanlam South Africa together with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed social centre at the SOS Children’s Village, Kumasi in the Ashanti region.
The project, valued at GHc485,000.00 forms part of Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR) to promote quality education and health for vulnerable children in Ghana.
The newly established social centre provides a suitable multi-purpose facility with a spacious auditorium among others to host different social activities related to child growth and development and will cater for both SOS children and students of the Hermann Gmeiner School.
The centre also offers the beneficiaries the opportunity to freely socialize and participate actively in educational oriented activities such as school concerts, art exhibitions and workshops.
The Executive Director of Enterprise Life, Mrs. Jacqueline Benyi expressed satisfaction that her outf…