African government charged to introduce mechanisms to address effects of oil price fall on economies

African governments have been asked to consider the option of introducing mechanisms for addressing the effects of oil price shocks on the economies and development of African countries. 

African leaders can do this through diversification of their economies from overdependence on petroleum revenues and introducing appropriate fiscal rules to stabilize the economies.

Participants at the second Africa Oil Governance Summit held in Accra are convinced that the failure to take appropriate actions and measures to address the negative effects of oil price shocks can have adverse implications for the provision of social and economic infrastructure and services to people. 

The Participants further urged African governments to increase the quality of spending at all times to ensure that budgetary shortfalls resulting from oil price shocks do not affect development.
 
They are also demanding that governments should spend petroleum revenues efficiently and responsibly by ensuring that there is value for money for projects funded with petroleum revenues.

Governments have also been asked to develop comprehensive taxpayer database to identify and track tax payers for the purposes of increasing domestic revenues for development and fostering of public accountability.
  
GBC