Accelerating Growth and Maintaining Intergenerational Equity Using Oil Resources in Uganda
"This paper seeks to interrogate three major aspects of oil extraction and revenue management that relate to issues around intergenerational equity in the Ugandan context. The first aspect concerns the management of the process of extracting the oil, refining it, transporting it to export markets, and dealing with the environmental problems associated with such activities; that is, managing the entire oil and gas value chain. The goal is to undertake these activities in such a way that benefits to both current and future generations of Ugandans are maximized. The second aspect concerns public financial management in Uganda. Where a country’s public financial management system is open and transparent, there is a greater chance of achieving efficient and equitable allocation, as well as sustainability—that is, it is more likely that the government will be able to manage the revenues efficiently and in such a way as to provide for the present generation and still invest in enough capacity to enhance the ability of future generations to meet their own needs. The third aspect concerns maintaining the country’s environmental health and minimizing any harm to the ecosystem from oil extraction activities. Efforts must also be made to restore the ecosystem in case of degradation."