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Workshop
on oil exploration organised by
government
Accra, Aug. 19, Ghanadot/GNA - The government on Tuesday organised a
workshop to allow in-depth discussions on taxation and
fiscal arrangements concerning oil exploration to quicken
the country's entry into a middle-income status.
The workshop, among other things, discussed how the revenues
from the petroleum sector should be managed and the
country's fiscal regime compared with other countries
competing for similar petroleum investments.
In his opening remarks, Nana Juaben-Boaten Siriboe, Chief
Director of the Ministry of Finance and Economic Planning,
said Ghana was not oblivious of the myriad of crisis that
had engulfed countries exploring oil.
Nana Siriboe said Ghana was adopting a systematic approach
among other oil-rich countries to establish the economic,
technical and legal framework needed to manage oil
extraction and maximize the benefits to be derived from it.
He said the government had constituted a team of experts who
had been assigned the task of developing a "master plan" to
guide the development and management of the oil industry and
how it interfaced with other sectors of the economy.
Nana Siriboe told the participants to be guided by the
lessons from the fiscal regime of the mining sector to
design the fiscal regime for the oil sector.
He said the discovery of offshore oil and gas deposits made
the country's prospects of transforming the economy into a
middle-income status in the shortest possible time more
likely.
GNA
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