Theo Acheampong spoke at the launch of the IMANI & Oxfam America Citizens’ Demand for Accountability in Ghana’s Oil and Gas Sector report. Advocates for a Long Term National Development Plan to guide the use and prevent the misuse of natural resources.
An oil economist, Mr Theo Acheampong, observed that while it was good for the country to have a strong local content law, the current law was too ambitious as it lacked the needed structures to achieve the target. There was, therefore, the need to increase stakeholder engagements on how and what goes into the decisions and selection of the four project areas where petroleum revenues were to be applied by the ABFA funding.
He also asked for budgetary allocations for Accountability institutions such as PIAC, which was being starved of funding to enable it to effectively monitor how petroleum expenditure and revenues are applied.