The Social Science Faculty of the Kwame Nkrumah University of Science and Technology has launched its 40th annual week celebrations. The theme for the week long celebrations was dubbed "The Oil discovery in Ghana; Ensuring Equity in Revenue Distribution: The Role of the Social Scientist".
The occasion was chaired by the Deputy Registrar, University Relations Office, Mr. Solomon Panford. He emphasized that, the oil discovery could be a menace on the society if not properly managed; Hence the faculty's theme for their 40th week celebrations was appropriate. Mr. Panford stated that, the expectations of the society in relation to the oil discovery are very high, thus the social scientist could effectively help surmount the challenges associated with the oil find, through effective community and stakeholder sensitisation.
The ceremony also saw the launching of "Socioso" Needy Trust Fund (SNTF). The administrator of the fund Miss Esther Kyei Baabo, explained to the gathering, the reason for instituting the SNTF. She said that, the fund would financially assist needy students in their pursuit of academic excellence. Furthermore, Miss Baabo told the gathering that, students who applied for the fund went through a certain criterion before getting selected. She informed the audience that so far 15 students have benefitted from the fund.
A Professor of Economics and Tax Policy Advisor, of the Ministry of Finance and Economic Planning, Dr. Joe Amoako Tuffour gave an indepth presentation on the theme for the week celebrations. He told the audience that, whether the oil discovered in Ghana will be a blessing or a curse, depends on how the petroleum industry is managed. Dr. Tuffour informed the gathering that, Ghanaians should not expect so much benefit from the oil exploration. He also disclosed that, a bill will be passed by parliament into law in relation to the management of the revenue to be gained from the oil discovery. He educated the audience on the various areas of study under Social Sciences and the roles they could play in the management of the oil discovery.
A representative of Nana Addo Dankwah Akuffo Addo, Professor Gyan Baffour, a former Deputy Minister of Finance and Economic Planning, highlighted Nana Akuffo Addo's economic prospects of the oil discovery to the audience. He presented detailed information on the benefits to be derived from the discovery.
A representative from the Ministry of Energy, Mr. Yaw Adjei Appiah enlightened the gathering on the institutional arrangements and financial management set up by Government. He elaborated on the institutions responsible for the management of the Petroleum Industry. He said the institutions involved were, the Ministry of Energy, MOFEP/IRS, Attorney General's Department, GNPC, and the Environmental Protection Agency (EPA).
Mr. Adjei Appiah stated that, in order for Government to ensure sustainable development of the petroleum industry, it is addressing issues in the following thematic areas: Resource Management, Revenue Management, Local Content and Local Participation, Environmental Management, Downstream Processing and Security. He informed the audience of the development plan of the Jubilee Fields and the companies operating in the various areas where oil has been discovered.
The companies are Kosmos Energy LLC - (Operator Anadarko Pet. Corp., Tullow Oil & E. O. Group) Tullow Oil - (Operator Anadarko Pet. Corp., Tullow Oil & E. O. Group Sabre Oil & Gas), Tullow Oil - (Operator Sabre Oil & Gas, Inter Oil & Al Tani), Vanco/Luke Oil, Hess Corporation - USA, Vitol Upstream - Switzerland, Gasop Oil - Nigeria, Afren Plc & Partners - USA, Saltpond Offshore Producing Company (Lushann - Eternit) - USA, Oranto Petroleum - Nigeria, Aker ASA - Norway and Chemu Power Company Limited - Ghana.
In his closing remark, the Deputy Registrar, University Relations Office, Mr. Solomon Panford advised the faculty to involve the authorities at the helm of affairs in programs such as that. "This approach would assist the faculty to have a direct channel to forward their concerns", he said.
A debate on the theme for the celebrations and a fund raising in contribution to Socioso Needy Trust Fund (SNTF) were also organized during the launching.
