Skip to main content

Ghana to benefit from oil spill fund

By: Fred Yaw Sarpong 

Ghana as crude oil importing country will benefit from the International Oil Pollution Corporation Fund if the country witnesses oil spill at its ocean. 

“The fund is a global fund and it’s meant for the countries that import crude oil. The fund is voluntary but Ghana through the Tema Oil Refinery (TOR) contributes annually on behalf of Ghana,” Mr. Kojo Agbenor Efunam, the Deputy Director in charge of oil and gas at the Environmental Protection Agency (EPA) told the Daily Express. 

He explained that the fund is mostly for crude oil importing countries but not those into production and exportation. 

Mr. Efunam further explained that once Ghana is part of the fund, anytime there is an oil spill involving an oil tanker on the seas of Ghana, the country can apply for the fund to solve any problem resulting from the spillage. 

“If the incident does not involve a tanker the country does not benefit. But if the incident involves a tanker the country applies for the fund,” he mentioned, adding that there are rules that govern the administration of the fund. 

He told Daily Express that the amount a country can benefit depends on the level of damage that may occur saying it ranges from US$200 million to US$600 million. 

To adequately prepare for such incident and know the rules governing the fund, Ghana has put in place a National Oil Spill Contingent Plans to be able to handle any eventuality. 

Mr. Ehunam said four working groups have been initiated to look at the compensation regime of the fund and what Ghana can do to benefit from the fund. 
They are: Operation Group, Environmental Working Group, Chemicals Working Group and Waste Management Group. 

Meanwhile, a steering committee has been formed to oversee the implementation of the National Contingency Plans. It is made up of reps from Ministry of Environment, Science and Technology, EPA, Petroleum Commission, Ghana Navy, National Disaster Management Organization (NADMO), Ghana National Petroleum Corporation, Ministry of Finance, Ghana Port and Harbors Authority, Ministry of Fisheries, Ghana Marine Surveyors, and Ghana Maritime Authority. 

He told Daily Express the unfortunate is bound to happen as far as the oil industry is concerned.  “And particularly for the coastal countries which include Ghana, you don’t even need to have oil and gas business to start planning for any spill because the ocean serves as highway for these tankers that take the oil from the production center to the consumer center.” 

“Once you are at the coastal the likelihood of you having an impact of vessel carrying oil damaging is very high. So the coastal states have to be alert and prepare for some of these incidents,” he added. 

Comments

Popular posts from this blog

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…

Graphic Communication Group staffs petition GJA Election Dispute Adjudication Committee

Some staffs of the Graphic Communications Group have petition the Election Dispute Adjudication Committee of the Ghana Journalists Association (GJA) concerning their grievances covering issues affecting the association.
The staffs of the company seeks some clarification on the mandate of the current executives of the association.

BELOW IS THE FULL STATEMENT (Not edited)
Dear Sir,
DISPUTE ABOUT THE MANDATE OF THE EXECUTIVES OF THE GHANA JOURNALISTS ASSOCIATION AND THE LEGALITY OF THE GJA ELECTIONS OF 2017
We the undersigned write to place before you our grievances covering issues affecting the Ghana Journalist Association, and we hasten to add that our grievances are placed before you in furtherance of our constitutional duty under Article 11 (e) of the 2004 Constitution of the Ghana Journalists Association.
We first of all seek clarification on the mandate of the current executives of the Association to be in office and take decisions to affect the wellbeing and welfare of the Associ…