..May emerge world fastest growing economy

Adewale Sanyaolu with agency report

For efficiently deploying its oil revenue to grow other sectors of the economy, including agriculture, Ghana has been tipped to become the world’s fastest growing economy in the next few years.

According to the International Monetary Fund (IMF), in 2018, Ghana’s projected growth is between 8.3 and 8.9 percent, with only Bhutan, a South Asian country, predicted to have a higher growth than that.

In addtion, latest New York Times report stated that the country is set to outpace both India with its “booming tech sector” and Ethiopia’s agriculture and coffee export-driven growth.

If this projection becomes a reality, Ghana would have succeeded in displacing Nigeria in efficient management of oil resources, despite the latter’s over 60 years of oil production and exploration which has failed to impact on any sector of the economy.

According at an Aljazeera report, Nigeria is the world’s biggest offender for failing to put its oil profits back into services such as education.

Ledun Mitee, Secretary General of the Movement For The Survival Of The Ogoni People, had while assessing the nation’s poor management of oil potential said: “The oil you see wasted here, if you translate it into cash, it will be more than enough to provide electricity, water or basic things for the community here.

But Ghana’s bright fortunes, the New York Times report said are hinged on its increased crude oil production and rising prices in the global market.

“In the last 18 months, two major oil fields off Ghana’s coast have started production,” the report stated.

In 2017, production jumped to nearly 60 million barrels, resulting in oil export revenues growth of 124 percent above the previous year, the Time Magazine reported, quoting data from Ghana’s central bank.

In January, Ghana’s benchmark stock index “achieved the world’s highest rate of growth” at 19 percent.

Experts have however expressed concern on the negative effect of the “resource curse” taking hold of Ghana’s burgeoning economy. They noted that the country’s agricultural sector is also experiencing significant growth as local producers tap from oil wealth to increase cocoa production, an abundant natural resource of the West African country.

“Cocoa sales are helping lift Ghana’s agriculture sector, which at the end of last year posted its best quarter of growth since 2010, driven by a bumper cocoa crop,” the report noted.

“Cocoa prices, along with prices for another of Ghana’s exports — gold — are rising again.” This they argued also cannot be said of Nigeria where corruption has lead to waste of huge oil revenue in over 60 years of exploration.

The New York Times report may not be unconnected with Nigeria’s low ranking in the doing business index, poor infrastructure and a controversial industry policy, oil majors are exploring other frontiers in search of stable and secure sources of crude oil. The latest of such moves involves Exxon Mobil Corp which has agreed to buy a $4 billion stake in an oil field off the coast of Ghana, as the global energy giant seeks a foothold in the new oil-producing region.

Already, the situation in the Niger Delta has driven investment that would have come to Nigeria to neighbouring countries of Angola and now Ghana because of peaceful investment climate in those places.

There have been series of attacks and high level of insecurity that have led suspension of some of the projects that should have been completed years back.

The deal is Exxon’s first major purchase in a decade and appears to highlight that the company believes oil prices will rise over the long term. Some energy analysts have asserted that weak demand for the fuel can’t support even the current price of $70 a barrel. A spokesman for Exxon declined to comment. People briefed on the deal said that while the parties have reached a binding agreement, the deal hasn’t yet been completed and is therefore subject to change. One outstanding issue is that the Ghanaian national oil company has the right to increase its stake, according to a person involved in the transaction.

The seller is Dallas-based Kosmos Energy, which was part of a group that made the 2007 offshore discovery that is estimated to hold 1.8 billion barrels of oil. Anadarko Petroleum Corp. and Tullow Oil plc also own separate stakes in the field, known as Jubilee.


http://sunnewsonline.com/ghana-rated-above-nigeria-in-use-of-oil-revenue/

Nigeria is an embarrassment to all oil producing nations...

That is not surprising. You can't compare Ghana's leadership composed of learned educated individual with the illiterate correctly destroying Nigeria.

Ghana is actually a very stable country, stable economy with a working Government. The problem of Nigeria is that we use 80% of our revenue on the welfare of politicians and ex politicians. While the 20% is used for infrastructures,debt servicing and part of this 20% is still been embezzled.

The future of this country just keeps getting bleaker and bleaker. No matter who we vote in as president among these current crops of politicians we won't experience any change.

The only place Nigeria is rated higher than Ghana is Corruption and Embezzling money, What a failed country.

Later Sarki and his co Media Cows will tell us to support the dullardino Cowhari who can't remember his real age. May thunder kill all BM Cows

There is no country thanks not currently rated better than Nigeria in any known index set aside ..

saarumann:
That is not surprising. You can't compare Ghana's leadership composed of learned educated individual with the illiterate correctly destroying Nigeria.

Are you blind? this report is talking about 60 years of mismanagement, not 32 months of Buhari government

All of you wailers above, are either blind, grandstanding or have comprehension issues ; the report is talking about 60 years of mismanagement, not 32 months of Buhari government. Bunch of semi- illiterates with Aba made education

Sirjamo:
All of you wailers above, are either blind, grandstanding or have comprehension issues ; the report is talking about 60 years of mismanagement, not 32 months of Buhari government. Bunch of semi- illiterates with Aba made education

Rubbish talk...

The other day it was small Rwanda, today it is Ghana...

I have not seen the use of having a big country where everybody is suffering...

The standard of living and life expectancy is lower in the...big Nigeria than in those small countries.

Stingman:


Rubbish talk...

The other day it was small Rwanda, today it is Ghana...

I have not seen the use of having a big country where everybody is suffering...

The standard of living and life expectancy is lower in the...big Nigeria than in those small countries.

Ghana has a population of less than 30 million, it's annual budget is twice that of Nigeria and it's largely driven by agriculture and mining. Please I want to ask you a few question: how much do we generate from those two sectors over the years? of all the billions Jonathan made from our oil, how much did he leave in the coffers and how many developmental projects he left behind?

Nigeria is always at the top when it comes to pain, death, Hunger and corruption. Do you know why? I because we have lost God's plan for us, we have fallen out of his will and we are threading the paths of Cain

Please visit https://runmyresearch.com/hire-a-researcher/ to get a professional researcher to handle your Bsc, Msc, PhD projects. We write plagiarism free papers

Sirjamo:
Ghana has a population of less than 30 million, it's annual budget is twice that of Nigeria and it's largely driven by agriculture and mining. Please I want to ask you a few question: how much do we generate from those two sectors over the years? of all the billions Jonathan made from our oil, how much did he leave in the coffers and how many developmental projects he left behind?

Rubbish!!!

We don't run d same system of government, our states have independent budget but their regions don't have.

Our currencies purchasing power is also different, u can buy a 50cl bottle of coke in Ghana for 3cedis, almost $1 and in Nigeria, it's #90, about 25cents.

Ok

Mariangeles:
Nigeria is an embarrassment to all oil producing nations...

bros please change that word "NATION", Nigeria is not and can never be a nation

GHANA MUST GOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

I just heard now that Nigeria has pledged to help Ghana utilize their oil money

Diezani Allison and Ameachi have been appointed consultants for money sharing and effective use of oil money to run elections

Congrats Ghana....but true growth is when you are a major exporter of industrial products....not oil and agric produce exporter.

shame

US they lie!. I was told by my class teacher in 1993 that Nigeria is the giant of Africa. never mind them! we are the best in Africa up till today and tommorrow

Sirjamo:
Ghana has a population of less than 30 million, it's annual budget is twice that of Nigeria and it's largely driven by agriculture and mining. Please I want to ask you a few question: how much do we generate from those two sectors over the years? of all the billions Jonathan made from our oil, how much did he leave in the coffers and how many developmental projects he left behind?

Ghana budget for 2018 is N4.2 trillion, while Nigeria budgeted N8 trillion.

But Ghana has 30 MILLION people, compared to Nigeria's 200million though.

Mariangeles:
Nigeria is an embarrassment to all oil producing nations...

Actually Nigeria is an embarrassment to the black race and the African continent

And Buhari want to help the fight corruption

Sirjamo:
Ghana has a population of less than 30 million, it's annual budget is twice that of Nigeria and it's largely driven by agriculture and mining. Please I want to ask you a few question: how much do we generate from those two sectors over the years? of all the billions Jonathan made from our oil, how much did he leave in the coffers and how many developmental projects he left behind?

Bmc Blamer.

Sirjamo:
All of you wailers above, are either blind, grandstanding or have comprehension issues ; the report is talking about 60 years of mismanagement, not 32 months of Buhari government. Bunch of semi- illiterates with Aba made education

is the 32 month not part of the 60 years or is it any better in fact its seems to be getting worst to put it mildly

And yet buhari wants to help them fight corruption...
We have more sales of oil than Ghana yet they can put everything to effective use..
Nigeria is just a joke. Buhari has messed up.

Mariangeles:
Nigeria is an embarrassment to all oil producing nations...

...and the african continent in particular but some must cont screaming sai baba

The revenues from the oil is being used to service politicians ,leaving the masses,infrastructure and diversification of the economy behind.

People may say this is a 60-year report,I agree.

But is Buhari doing anything different from his predecessors?No,he is even worse.

As if not utilizing the oil revenue is not enough,this government and previous ones borrowed monies and embezzle them.

Nigeria is not sustainable and will never be.

THE LAND OF THE RISING SUN MUST SET FORTH AT DAWN

cpu2006:
US they lie!. I was told by my class teacher in 1993 that Nigeria is the giant of Africa. never mind them! we are the best in Africa up till today and tommorrow

Funny u

Mariangeles:
Nigeria is an embarrassment to all oil producing nations...

That's because we are not producing enough oil to maintain a stable GDP per capita.

Add the fluctuant oil prices, and the lack of a strong manufacturing sector....

Sirjamo:
All of you wailers above, are either blind, grandstanding or have comprehension issues ; the report is talking about 60 years of mismanagement, not 32 months of Buhari government. Bunch of semi- illiterates with Aba made education

Guess you small mind didn't remind you Buhari was part of the 60 years mismanagement before he came back to continue where he stopped

Sirjamo:
Ghana has a population of less than 30 million, it's annual budget is twice that of Nigeria and it's largely driven by agriculture and mining. Please I want to ask you a few question: how much do we generate from those two sectors over the years? of all the billions Jonathan made from our oil, how much did he leave in the coffers and how many developmental projects he left behind?

Can you tell your Messiah Buhari to restore the value of Naira that he destroyed in less than 6months before you start blaming Jonathan?

Let him bring back the companies that have closed shops and the workers that were laid off at least lest start from there