Vice President Kwesi Amissah-Arthur has reiterated the need to fairly distribute financial flows from oil resources in the country.

According to the Vice President failure to do so may cause huge social and economic instability as it has in some countries.

He was speaking at the official launch of the Western Region Coastal Foundation in Takoradi

The Foundation is aimed at facilitating transparent dialogue among oil, gas and power stakeholders.

The foundation will promote innovative and collaborative approach to inclusive growth in the six districts of Jomoro, Ellembelle, Nzema East, Ahanta West, Sekondi - Takoradi and Shama.

It will also serve as a unique initiative that will bring together key stakeholders for effective use of corporate social Responsibility funds for development, conflict resolution and inclusive growth in the Western Region.

The UK government through the DFID has committed nine- point -five million pounds over the next five years in supporting of the foundation.

Vice President Amissah-Arthur stressed the need to manage peoples high expectations since the country`s oil production is in modest quantities.

The Western Regional Minister, Paul Evans Aidoo said the establishment of the foundation has become necessary in view of the failure of the discovery and mining of gold, diamond and manganese and cocoa production to impact on the development of the region.

The President of the Western Regional House of Chief, Osagyefo Dr. Kwamina Enimil said the region will continue to work with companies in the oil and gas sector to bring the needed development to the region.

Chairman of the Western Regional Coastal Foundation, Awulae Atibrukusu who is also the Paramount Chief of Lower Axim Traditional area spelt out the vision for the foundation.