• About Us
  • Contact Us
Account
GTB
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
No Result
View All Result
Account
Ghana Talks Business
No Result
View All Result

Invest Heritage Fund in local economy-Lecturer

12/05/2015
Reading Time: 2 mins read
405
SHARES
Share on FacebookShare on TwitterShare on WhatsApp

A lecturer at the Department of Accountancy and Finance School of Business of the University of Cape Coast Dr John Gatsi has called for the diversification of a percentage of the heritage fund in key sectors of the country’s economy.

He said though there are international reserves benefits for investing the heritage fund, the proper thing to do is to diversify the investment in key sectors of Ghana’s economy and ensure that the investment are protected and at the same time used to develop the country’s infrastructure.

 Dr Gatsi said it was not proper to invest all the money outside the country bearing in mind that countries are not immune to financial challenges anymore.

”We recently realized that some European countries were described as having debt crisis which means that some states were not able to pay their debt and so if those countries have come to a point that they cannot pay their debt, then the inscription in the law that we should invest wholly in instrument issued by sovereign states and international financial institutions is not itself protected.”

Dr John Gatsi made this suggestion at a training workshop organized by the Institute of Financial and Economic Journalist (IFEJ) for 30 journalists in Kumasi.

He said the country can learn some lessons from SSNIT which has invested in huge infrastructure with some rewards, adding that even though there were challenges sometimes, the pension system still remains resolute.

He added if part of the heritage fund is put in similar investment in Ghana the country is likely to benefit more than the current decision to invest it outside the country.

The Heritage Fund is an endowment reserve set up to “support the development for future generations when Ghana’s petroleum reserves have been depleted” he explained.

The Petroleum Revenue Management Act of 2011 makes provisions for nine per cent of the country’s annual petroleum revenue to be lodged into this fund whilst 21 per cent of the annual oil revenues goes into a Stabilisation Fund-  to support the economy in dire times and 70 per cent used to support the budget.

Dr. Gatsi called for a crucial professional demand for accountability in the management of the oil revenue.

He said records have shown that in countries where the demand for accountability, transparency, good stewardship, good governance and responsibility in the management of the petroleum resources are present there have been remarkable improvements in management at the upstream and management with respect to the revenue.

“So I think it is crucial to have a professional demand for accountability not noise making for accountability”, he indicated.

Source: Joy Online

Previous Post

Give Your Sales Team Treasure Maps

Next Post

She Leads Africa Launches 2015 Entrepreneur Showcase with $15,000 cash prize for winners

Related Posts

MostBet Registration Bangladesh

29/12/2023

28/12/2023

Праздничные подарки от 1 win насладитесь Новым Годом с дополнительными выгодами!

22/12/2023

How does the sizing of sp5der clothing run

22/12/2023

Azərbaycanda rəsmi sayt

20/12/2023

Mostbet Casino Azərbaycan üçün imkanlarını təqdim edir

20/12/2023
Next Post

She Leads Africa Launches 2015 Entrepreneur Showcase with $15,000 cash prize for winners

The numbers that show Africa is buzzing with entrepreneurial spirit

  • About Us
  • Disclaimer
  • Privacy Policy
  • Advertising
  • Contact Us

© 2023 Ghana Talks Business

No Result
View All Result
  • Home
  • News
  • Premium
  • Business
  • Personal Finance
  • Lifestyle
    • Travel
    • Health
    • Retail/Fashion
  • Podcast
    • Business Chat
    • Retiring Richly
    • Sika Nkommo
  • Videos
  • Analysis/Features
  • Login

© 2023 Ghana Talks Business

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In