To ensure energy sustainability, it is critical for Guyana to balance socio-economic and environmental benefits in a continuously changing world.
This was the advice offered by the President of West African oil-producing nation, Ghana, Mr. Nana Addo Dankwa Akufo-Addo as Guyana’s International Energy Conference opened on Tuesday at the Guyana Marriot Hotel.
For new oil producer Guyana, President Akufo-Addo, said that “no energy project, no matter how high its return on value, is worth it” if the interest of the majority of the stakeholders are not properly represented and they are left impoverished and dissatisfied.
On the basis of Ghana’s experience, and to ensure judicious exploitation and utilization of Guyana’s petroleum resources on a sustainable basis, President Akufo-Addo urged the government to ensure that it effects “proper management” of the revenue accrued from oil and gas in a transparent manner.
He said that Guyana must ensure that all citizens benefit through institutional reform and transparent regulations through proper legislative guidelines.
The Ghanian Head of State urged Guyana government to ensure that the country’s lucrative petroleum sector remains a significant contributor to budget and to nationwide industrial development in future.
And further, to lay the basis for continued development of the petroleum sector by ensuring that the Guyana basin remains “an attractive area for investment, value creation and industrial development”.
The Head of State urged to pursue “ambitious environmental and resource management policies” based on the goals of a sustainable petroleum business and coexistence between the petroleum sector, other industries and environmental considerations.
He also urged Guyana to ensure that its petroleum sector becomes “a cutting-edge industry” with a strong focus on health, safety and environment at all levels of the industry, and basis operations on a goal of cumulative continuous improvement.
