Petroleum Revenue Management In Ghana: The Epoch Of High Expectation In Perspective

Abstract

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.