Skip to main content

Natural resource fund advocated



By: Fred Yaw Sarpong

Dr. Steve Manteaw, the Campaign Coordinator for Integrated Social Development Centre (ISODEC) has advocated for a Natural Resource Fund (NRF) for the country instead of having separate funds for each natural resources.

According to him, putting together revenues from oil and gas, mining, bauxite, timber, diamond, salt and among others into one fund (NRF) will be of more beneficial to the country.

Dr. Manteaw said the Natural Resource Fund will come with it managers who will be responsible of managing the fund to the benefit of Ghanaians.

He said this when he addressed members of Institute of Financial and Economic Journalists (IFEJ) at a workshop in Elimina. The workshop was to allow the media personnel to review the 2013 report of the Extractive Industry Transparency Initiative (EITI) on mining and oil and gas.

He argued that if the natural resource fund is set up equal allocation of funds will earmark to develop certain areas especially where those resources are found.

He stated that natural resource wealth if managed well can contribute to sustainable economic growth, national development, and poverty reduction.

‘‘Sovereign governments have responsibility to manage natural resource wealth for the benefit of their citizens. The benefits of resource extraction occur as revenue streams over many years and can be highly price dependent,’’ he noted.

Dr. Manteaw said a public understanding of government revenues and expenditure over time could help public debate and inform choice of appropriate and realistic options for sustainable development.

He was of the point that transparency by governments and extractive industry companies is important and should enhance public financial management and accountability.

‘‘Achievement of greater transparency must be set in the context of respect for contracts and laws. However, financial transparency has the potential to enhance the environment for domestic and foreign direct investment in the country,’’ he reiterated.

He said governments must hold themselves accountable to all citizens for the stewardship of revenue streams and public expenditure

Comments

Post a Comment

Popular posts from this blog

Vodafone sells 45% shares in Verizon for US$130 billion

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history. The US$130 billion (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54 billion to its shareholders, of which £22 billionn will go to shareholders in the UK. Vodafone will also invest money in its business, with funds earmarked for high speed mobile phone networks. It said that by 2017 its main five European markets would have almost complete 4G coverage. Possibly it would be wrong to carp and wring hands that Vodafone won't be paying a penny of tax to the British taxman” Vodafone group chairman Gerard Kleisterlee said: "The transaction will position Vodafone strongly to pursue our leadership strategy in mobile and unified communication services for consumers and enterprises, both in our developed markets and across our emerging markets businesses." The...
Post a Comment
Read more

Shortage of weighing cards hit major hospitals in Accra

By: Fred Yaw Sarpong- Daily Express There is scarcity of Child Health Records Book (weighing cards), in some major public hospitals in the capital, information reaching the Daily Express indicates. Checks by this paper revealed that while some of the hospitals have being encountering the shortage for about a year now, others started experiencing it six months ago. In place of the Child Health Record Book (weighing card), the nursing mothers are given a single card on which information of children are recorded on it. Those hospitals identified are the Korle Bu Teaching Hospital, Korle Bu Polyclinic, Kaneshie Polyclinic, Adabraka Polyclinic and the Ridge Hospital. At the Korle Bu Teaching Hospital, the nursing mothers are given yellow cards in place of the weighing cards. The Public Relations Secretariat at the Korle Bu Teaching Hospital said such information has not come to their notice and for that matter they cannot comment on it. “We do not have some ...
Post a Comment
Read more

Barbering Salons, bridging the unemployment gap in Ghana

By: Fred Yaw Sarpong Barbering business in Ghana is money making venture, depending on the location of the shop. Various barbering shops scattered across the country charges according to the location of the shop. The nature and sustainability of every barbering shop depends on the location of the shop. The location will determine how much one can charge a customer for barbering his or her hair. Checks indicate that some barbering shops located at Spintex, East Legon and Osu Oxford street charges between GHc15.00 and GHc20.00 per hair cut. At South La Estate, it will cost a customer to pay GHc4.00 for hair cut, while one will have to pay GHc3.00 to barber his or her hair at a place like Nima, Maamobi and Mallam Gbawe. Royal Vulture Executive Barbering Salon is one of the biggest barbering salons one can locate within Accra. One is its shops is located at Madina, near Taxi rank while one is located at Accra New Town, near the Post Office. Customers at Madina pay GHc7.00 ...
7 comments
Read more