“If it becomes a bad law it would be tantamount to causing financial loss to the state.”

Mr. Seth Terkper, Deputy Minister of Finance and Economic Planning, said for the petroleum wealth to benefit Ghanaians now and in the future an effective industry regulatory environment is needed.

Additionally, he said: “There should be a fiscal regime effective enough and without which there will be very little to show for the depletion of petroleum resources and this include the development of the right revenue management regime.”