Final Report - Africa Oil Governance Summit 2016
The impact of the oil price shock has been devastating for many African countries particularly the major producers. In Angola the national currency has devalued about 37% against the US dollar, putting so much pressure on an economy that is 90% dependent on oil for exports. Nigeria and Algeria are other big players who are facing similar economic difficulties in the face of low oil prices – forcing stringent economic measures such as reduction of subsidies and currency control in attempt to rescues shrinking foreign reserves. Oil price crush has been cyclical in the history of the industry. There is enough literature on the need for oil producing countries to foresee the impact of less than expected revenues and institutionalize smoothening mechanisms to protect countries from the economic difficulties being witness today. However the governance challenges in the continent often relegates long term planning and rather focus on dependence on the resource revenue. Against this backdrop, the 2016 edition of the Africa Oil Governance Summit was held at the Labadi Beach Hotel on the 26th and 27th of September 2016 under the theme “Rising through the rubbles of oil price shock- Strategies for inclusive growth and sustainable development”.
This Summit was convened by the Africa Centre for Energy Policy (ACEP), endorsed by the Ministry of Petroleum and sponsored by UK Aid, the Ghana Oil and Gas for Inclusive Growth (GOGIG), OXFAM and IBIS. The summit, brought together over 200 participants and experts from the civil society, governments and business community to discuss the lessons learnt from the price crush and the future governance of the sector and its relations with broad base development. It was mainly structured in panel sessions where experts were invited to discuss a range of topics under the theme with only one session held in the form of a presentation. Over the two-day period, a total of 9 panel sessions and one presentation were held where panelists were engaged in discussions ranging from how to rise through the rubbles of oil price shock to strategies for inclusive growth and sustainable development to prudent oil revenue management. Participants were then allowed to submit their questions, comments and suggestions on the topic of discussion at the end of each session. Out of the 10 sessions, four (4) run as concurrent break-out sessions while the remaining six were held as plenary sessions.