Earlier this year the people of Norway celebrated as their country became the first oil producing nation to publicly disclose oil revenue payments from companies. All tax revenues were published on a company –company basis and reconciled by an external auditor (Deloitte). The report showed that during 2008 Norway’s total payments reported and received was 400,489 701 000 Norwegian Kroner. The report was launched under the Extractive Industries Transparency Initiative (EITI) in 2009.
The group was a multi –stakeholder group comprising government, private sector and civil society. It was seen as an important contribution to strengthening global financial integrity in the extractive industry internationally. It was also seen as a step for most oil producing countries to emulate. Perhaps by emulating this, most African country including Ghana can avoid the occasional conflict.
Lack of accountability and transparency has been viewed by some experts as the cause for conflict on the continent. The initiative by Norway will go a long way to foster trust among the government, civil society and the private sector. Further giving credence to business ethics and moral that has been overlooked in most countries.
As the nation’s get ready to grab its first petrodollar transparency will be a sure way in managing its expected windfall from oil and other natural resources. The NDC government has prided itself on accountability to the Ghanaian people maybe if its follows this step by Norway it would be seen to practice what it preaches and challenge other African oil producing nations with this initiatives.
This will invariable lead to investors scrambling to Ghana to conduct legitimate business transactions hence, improving the living standard of the Ghanaian people and playing its leading role on the African continent, as it did during the 1960-70’s
Magbegor Ovie
Freelance journalist
Email: odyoba@gmail.com
