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Monday, October 15, 2018
Ghana’s Public Interest and Accountability Committee (PIAC) is calling on the government to allow state owned firms to own shares in oil blocks acquired by foreign companies, if they have the financial wherewithal to do so.
Under local content laws Ghanaians are required to hold not less than a 5% stake in all blocks acquired by international firms. The committee said it was becoming increasingly clear that this is not happening.
The Chairman of PIAC, Dr Steve Manteaw, made the call at a three-day stakeholder workshop for senior members and executive of the Ghana Journalists Association (GJA).
“GOIL and other institutions such as the Social Security and National Insurance Trust (SSNIT) and even the Ghana National Petroleum Corporation (GNPC) should be made to acquire shares in the oil blocks because they have the financial resources to be able to take that up and return some profit and pay dividend to the state,” he proposed.
He said once the state institutions “are for Ghanaians, they can also be made to invest in that sector. Take SSNIT, for instance, it has a lot of pensions funds and should be allowed to invest some of the funds in the oil sector to guarantee better returns for contributors.”
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