ACEP calls for expedition of regulatory framework to track mining revenue
The Africa Centre for Energy Policy (ACEP) has called on government agencies in charge of the extractive sector to expedite the formulation of a regulatory framework to control revenue management in the sector. Advertisement
Making particular reference to the Ministry of Energy and Petroleum, ACEP is of the view that the absence of a regulatory framework to ensure accountability in earnings from the sector has resulted in the loss of millions of cedis by government.
It thus called on the ministry to lay the new Petroleum Exploration and Production Bill before Parliament, as a matter of urgency.
The Executive Director of ACEP, Mr Mohammed Amin Adam was speaking at an international conference on payment disclosure on the extractive industry in Accra.
The conference was organised by ACEP and was to create a platform for stakeholders in the industry to explore accountability initiatives to ensure transparency in the management of revenue in the extractive sector.
He explained that the absence of transparency in the licensing regime strengthened a perception of ‘too lucrative legal benefits for firms,” adding that it makes for mining deals to remain confidential, thus providing opportunities for hidden benefits to companies, as well as avenues for tax evasion.
He, however, expressed confidence in the ability of the government to change the situation and said there was an encouraging development when President John Mahama directed the ministers of Energy and Petroleum and Land and Natural Resources, to map out potential areas of resource accumulation.
With this directive, he noted, the country would adopt a public auction process for licensing concessions, adding that “these directives are welcome, much more progressive and will enhance transparency and accountability in Ghana’s licensing regime”.
By Jessica Acheampong/Graphic Business/Ghana
