Government is being asked to ensure that future contract negotiations on the country’s oil and gas have more favourable terms including the application of thin capitalization rules to the petroleum industry and more appropriate corporate tax regimes. The suggestions formed part of proposals by members of the Public Interest Accountability Committee, Commission on Human Rights and Administrative Justice and MPs from the select committee on Mines and Energy in Parliament, at a recent workshop. Fellow of the IEA, Prof John Asafo-Adjaye briefed the media on Monday on the recommendations made at the workshop. He said Parliament must seek the assistance of think tanks and experts in analyzing oil and gas contracts. ‘Adequate time should be given for Parliament to consider the terms of resource contracts and to seek advice from think tanks and experts in analyzing the appropriateness and desirability of the terms in future contracts. He also stressed the need for several tax regimes in the oil sector to be reviewed and consideration given to the parliamentary committee best placed to review and act on PIAC reports. Meanwhile Policy think tank IMANI Ghana says government’s economic management team must urgently address what they describe as two major risks to 2012 budget. In a statement, the think tank highlighted the risks as shortfalls in the oil revenue and the China Development Bank loan. IMANI Ghana says these shortfalls must already be affecting the country’s foreign currency holding position and must therefore be contributing to the fall in the cedi’s value. It warned that if left unchecked, the effects will compound, and then begin to undermine efforts to restrain inflation, stabilize the fiscal deficit and improve on our balance of payments.