By Stephen Yeboah
Transparency works both ways and it is for the company as well as thecountries — their people need to know and the more they know what is beingdone for their benefit, the more they will be supportive.” – NgoziOkonjo-Iweala, World Bank’s Managing Director
Ensuring transparency in the extractive sector has never been a realpriority of the state authorities of Ghana and commercial entities. As aresult, the operation of the sector remains insufficiently transparent. Ithas always been the truth that the failures of oil-producing economies arelegion and continuous. Ghana, considering recent developments, is becoming oblivious of the factthat success of oil is measured by poverty reduction rather than barrelsof oil produced or millions of dollars received from oil exports.