Accra, Ghana, July 18, 2018//-The Head of the Department of Finance, School of Businesses at the University of Cape Coast, Prof. John Gatsi has asked journalists to develop interest in development minerals which though low in value, when well regulated with clear policies could positively influence construction, real estate, agriculture, tourism and manufacturing sectors to ensure inclusive growth.
Prof. Gatsi who also the Chairman of the Jury of the Institute of Financial and Economic Journalists (IFEJ) Flamingo Awards, explained that unregulated mining of development minerals creates unrestricted destruction of farmlands , pollute water bodies and the topography of rural areas where noise and air pollution is increasing.
Speaking on inclusive natural resources at the launch of fifth edition of IFEJ Flamingo Awards for Financial and Economic Journalists at the World Bank Office in Accra, he further explained that though the constitution gives ownership of natural resources to the state, there is the need to establish Oil and Gas community development fund to comprehensively and progressively foster inclusive development of oil and gas resource rich areas of the country.
He believes that proper allocation and utilization of such funds may better improve the visibility of oil revenue related development impact in such areas.
Prof Gatsi noted that with the appropriate orientation, oil and gas community members would actively demand transparent and accountable investment of the funds based on communally crafted oil and gas community development plans.
He advised Chiefs and Community leaders to demand for this fund for the broader catchment areas as a development tool instead of claim for ownership rights.
The Country Director of the World Bank, Henry Kerali who performed the launch, said: ” Many industrialized and developed countries including Australia, Canada, Sweden, Norway, United States, South Africa and Botswana have depended on the exploration and extraction of minerals as the basis for their economic development”.
He however observed: “Ghana is depleting its natural resource wealth whilst missing opportunities for economic transformation”.
Mr Kerali added: “Since 2000, per capita economic losses due to natural resource degradation doubled from US$100 to US$200 per person per year today. In 2006, analysts put the cost of these environmental degradation at more than 10 percent of GDP”.
The 2018 edition is on the theme: ‘Towards better management of natural resources for inclusive growth and development’.
“This year, the ultimate winner must pick up the best in natural resources reporting and any other category,” the President of IFEJ, Rayborn Bulley explained at the launch in Accra.
Journalists, particularly financial and economic reporters who write comprehensive and accurate business news, are encouraged to enter the IFEJ Flamingo Awards.
Stories written from 31st July 2017 to 30th June 2018 are all qualified for the awards but the final selection is depended on the awards committee jury.
Mr Bulley added that the submission of stories could be done at the IFEJ office on the Gaphic road. Interested journalists can also download the form(s) on the IFEJ and News Ghana websites.
The IFEJ awards which is slated for December 2018 would award journalists in the following categories;
- Overall Best Business and Financial Journalist Award
- Best Business/Manufacturing Feature/News story
- Best Finance Feature/News story
- Best Business of Health feature/News
- Best in local Economy feature/News
- Best Development feature/News story
- Best Agribusiness feature/News story
- Best Natural Resource feature/News story
- Best Informational and communication Technology feature/News story
- Best Tourism Feature/News story
Instructively, the IFEJ is a non-profit organisation that seeks to provide qualitative analysis of the economic sector while offering necessary ammunition for policy redirection through write-ups by members.
African Eye Report
