Open AccessPetroleum revenue management in Ghana: The epoch of high expectation in perspective
Author(s) -
Kow Kwegya Amissah Abraham
Publication year - 2019
Publication title -
journal for sustainable development law and policy/journal of sustainable law and policy
Language(s) - English
Resource type - Journals
eISSN - 2467-8392
pISSN - 2467-8406
DOI - 10.4314/jsdlp.v10i1.2
Subject(s) - revenue , transparency (behavior) , petroleum , legislation , natural resource , economics , resource curse , business , preparedness , public economics , natural resource economics , finance , economic policy , political science , law , biology , paleontology , management
The avoidance of resource curse is, in part, dependent on the management and administration of realized revenue from the exploration of its natural resource. This article evaluates the existing fiscal regime and the regulatory frameworks that Ghana established to manage its petroleum revenue from 2010 to 2013. The restrictive period accounts for the era where Ghanaians showed high expectations of increased benefits from oil. In this vein, the article analyses the preparedness reflected in the policy framework to manage accrued revenue and, by extension, the expectation of citizens on improved living conditions. This article established that existing mechanisms, legislation, and checks and balance procedures to manage petroleum revenues are not the final steps at ensuring sustainable development. Two crucial factors play a decisive role in this regard. First is the extent to which accrued revenue is expended in critical areas of the economy for accelerated growth. Second is the commitment to, and establishment of, strong public institutions to enforce the relevant regulations. Keywords: Fiscal Regime, Transparency, Tax, Petroleum Revenue.