SEND GHANA, a budget tracking Civil Society Organisation that promotes good governance has argued that, prudent use of oil resources will create good environment for businesses to thrive leading to sustainable development.

Speaking at a meeting to introduce stakeholders to its “Making Local Revenue Work for Citizens Project,” in Tamale, Madam Clara Osei-Boateng, the Director of Policy Advocacy Programmes at SEND GHANA said, the project will track the use of the Annual Budget Funding Amount (ABFA) and local revenues to promote accountability and provide adequate information on extractive sector revenue flows.

Accountability, transparency and efficiency are important elements that must characterise the use of oil revenues in order to avoid the oil curse and derive the most gain from its revenues, she added.

The Oxfam America funded project aims at promoting accountability in the use of revenue from the extractive sector by building the capacity of grassroots civil society actors and facilitates citizens’ platforms to hold their District Assemblies to account on the use of such resources for the provision of services in agriculture, health and education.

Sharing their experience on tracking Annual Budget Funding Amount (ABFA) from the oil revenue, Dr. Ishmael Ackah, noted that, as at November 2015, Ghana has received $3.2 billion in petroleum revenue but very little can show for it.

The Head of the Policy Unit at Africa Centre for Energy Policy (ACEP) therefore recommended that, in order to enhance quality of investment, there should be timely disbursement of project funds, guided by investment plan and effective monitoring.

The criteria for selecting ABFA projects, project development process and value for money will be monitored, the Programme Officer at SEND GHANA, Rachel Gyabaah has said.

Source- SEND GHANA