JDZ Nigeria-Sao Tome e Principe

[saleen]

Sao Tome & Principe a oil rich country?
1 February 2010

In Sao Tome and Principe, the National Assembly (parliament) is required under the Oil Revenue Law to conduct yearly public plenary sessions to discuss general oil and gas policy.

Again, ministers, the auditor general and the oversight board answer questions from parliamentarians and discuss the activities of the oil fund.

For Ghana, this should take the early stage to enhance the oversight role of parliament in ensuring better oil wealth management. There should be no room for extensive secrecy provisions in the regulatory framework for the sector as far as the role of parliament remains effective.

Also, in Sao Tome and Principe, the Oil Revenue Law created a new independent oversight body, the Petroleum Oversight Commission which is made up of governmental and civil society members.

It is no wonder Sao Tome and Principe remains one, if not the first, of the corruption-free oil-rich countries apart from practical management revenues. It is very important that we follow suit. This would increase the awareness of what pertains in the sector including the commitment to transparency and checks and balances.
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