Ghanaians not benefiting enough from oil, mining – PIAC

The Public Interest Accountability Committee (PIAC) has disclosed Ghanaians are not benefiting sufficiently from the extraction of fuel and oil.

Speaking with Parker Wilson on Burning Issues, the Coordinator of the Committee, Isaac Dwamena, said there is no doubt that the country is benefitting from the mining yet the rating is not encouraging.

He points out free Senior High School (SHS) and other projects as some of the benefits from the mining.

“As for profit, there is no doubt that the country has benefited from the oil and fuel mining, meanwhile, it is the rating that isn’t enough. It is about 6.5% if rated.”

“Oh the free SHS is one of the benefits the country has derived from the oil and fuel mining. Another is the Atuabo gas Processing Plant where 850 million USD was used to pay for the project,“ he said.

Isaac Dwamena went on to reveal that despite Ghanaians benefiting from the mining, 31.2 billion US Dollars has been contracted from the extraction of oil and fuel yet, only 6.55 billion dollars has gone to Ghana’s account.

This, he said, is because Ghana does not have mechanisms in detecting fuel as it takes deep research to perceive fuel or oil in the land.

The country has no option than to invite any other country with such mechanism to execute the work.

With that, Ghana has to sponsor or take care of some charges after the fuel is being detected.

“Amount contracted from the extraction of fuel and oil for the past 10 years is USD 31.2 billion and the amount Ghana has acquired is USD 6.55 billion. The reason is, it wasn’t so certain that Ghana truly has oil or fuel in the land and it takes deep research before one could perceive whether or not there is.

“Ghana required the machine to be able to perceive and had to invite another with those mechanisms to execute the work and the country would have to deduct their money spent on the mining after the fuel or the oil is finally detected and exhumed,” he clarified.