Ghana: “Ghana Managing Oil Revenues Well”

Ghana: “Ghana Managing Oil Revenues Well”

Ghana is doing a good job in managing its oil revenue, according to a U.S. non-governmental organization.

Research by the Revenue Watch Institute, an NGO, has found that the Ghana Petroleum Funds meet 13 of 16 good governance fundamentals.

“Researchers concluded that the funds feature clear deposit, withdrawal and investment rules, effective oversight, and other essential attributes of good governance,” reports allAfrica.com.

“Together, the Ghana Stabilization Fund and the Ghana Heritage Fund manage more than US$450 million,” said Emmanuel Kuyole, Africa Regional coordinator for Revenue Watch.

“Thanks to strong legal provisions, citizens have information on how much is deposited, invested and earned. This transparency is a significant gain. Too much sunshine does not spoil anything.”

The Revenue Watch study also details steps that countries such as Ghana can take to ensure accountability and transparency, including the establishment of fiscal rules, the elaboration of investment rules, and strategies for the creation of strong oversight bodies.