Ghana Parliament passes petroleum revenue bill
Ghana’s Parliament today Wednesday March 2, 2011 passed the country’s most talked about Petroleum Revenue Management Bill.
Correspondents in Parliament tell ghanabusinessnews.com that the bill was taken through the third and final reading and passed before 12 noon. Parliament voted unanimously to agree on the bill after several amendments.
Popular amongst the amendments is the Clause 5 which would allow Ghana to collateralize the country’s oil revenue. In other words, it would allow the government to borrow against any future oil revenues.
It would also set-up an independent regulatory body to regulate the oil industry in the country.
By Emmanuel K. Dogbevi
This is a bad move on the part of the Ghanaian government especially with that clause on collateralization.Moves like these bring long term bad effect onto the economy.Borrowing against money you have not earn is the primary cause of the financial meltdown globally.Not to talk of other taking advantage by betting against the same deal to see it fail.
Ghana cannot wait for trickle down growth as no one waits for anybody, we either move on a fast pace or be left behind. Have you heard of the multiplier effect.? We should use our assists to generate rapid development. Heard of the Tiger Nations the next rapid economic development is going to come from Africa we should be prepared for it
Thanks