Mr Kwame Pianim, an Economist on Wednesday said the oil find provided Ghana with a unique opportunity to create a research fund to support economic development.
"We need to invest in research, if we are to succeed in launching the current development efforts unto a new and a higher level of performance," he added.
Mr Pianim was addressing the opening session of a two-day research output review seminar of the Institute of Industrial Research (IIR) of the
Centre for Scientific and Industrial Research (CSIR) in Accra.
He noted the importance of research towards the knowledge intensive economic growth and the need to make efforts to build the nation's knowledge infrastructure base, to create mechanisms for transmitting technology and
productivity enhancing information within Ghana's economy.
Mr Pianim said with the expected 25 per cent increase in Gross Domestic Product (GDP) by 2012, earmarking 2.5 per cent of tax revenue of GDP for
research would make available an injection of about 125 million dollars to the research community with positive effect on productivity.
He said three per cent of GDP would yield 600 million dollars.
He suggested that contributions could also come from well funded trade associations, in-house funding from IIR, international philanthropic foundations and research institutions with proactive support from government
to enable researchers apply to the central government with research project proposals and write-ups.
Mr Pianim said researchers could perform better when research was made attractive as a profession by not only using attractive conditions of service and remunerations but also providing the research tools to ensure
job satisfaction to attract some of the best brains in the nation.
Dr Essel Ben Hagan, Director of IIR, said the review was being undertaken to enhance scientific information exchange and collaboration on on-going industrial research projects, process and improve the quality and output rate of scientific papers from the institute and facilitate the dissemination of scientific papers.
He said it would in addition help to initiate broader research and technology transfer collaboration on specific research objectives with the private sector and researchers from other institutions.
It would also provide a platform of opportunities to incubate proven industrial technologies to support Ghana's development.
Dr Hagan listed some achievements of the institute as fabrication and installation of integrated cassava processing plants and fabrication of agricultural waste recycling plant in selected districts in the Central and Greater Accra regions.
He said such achievements had improved modernisation of agriculture, promoted local agro-processing, strengthened local capacity of plant development, rural job creation for farmers, factory operators and food retailers.
Other achievements were the construction of bio-sanitation toilets in seven districts in the country, construction of hospital incinerators,
dissemination of solar lighting and improved stoves and the training of traditional salt producers in iodisation
Dr Hagan said the institute had planned to explore bio-fuels development through collaboration with the School of Engineering Sciences, University of Southampton, UK, as well as the development of demonstration
and transfer of improved yam barn estimated at about 50,000 dollars with grant from CSIR-West Africa Agricultural Productivity Programme.
Professor Akwasi Ayensu, Chief Research Scientist of CSIR urged researchers to come out with quality research projects emanating from well designed research framework with clear goals, aims, objectives and targets linked with key policies of stakeholders.