So Ghana has joined the club of oil producing nations. The taps have been turned on at the offshore Jubilee field.

So what does this mean for Ghana? How will ordinary Ghanaians benefit from this resource windfall?

The first concern that should be addressed is the perception that suddenly the country will become flush with petrodollars. Importantly, expectations must be managed. As those citizens in Nigeria or Angola know, the oil money often doesn't trickle down to the people.

Firstly, Ghanaians have to not think that oil will magically create more jobs, or make people richer. Secondly, civil society has to be tough on government and ensure they constantly monitor how proceeds are being spent.

Also, Ghanaians need to quickly implement legislation to govern the administration of this new industry; hopefully these laws will be passed soon. An independent regulator is also needed to oversee the sector.

Luckily, Ghana has a relatively diversified economy compared to other oil-rich African nations. ­The country earns foreign currency from gold and cocoa. This alone makes it more likely to avoid the mistakes of places like Nigeria, where oil revenue accounts for approximately 92% of the GDP, or Angola, which is just about entirely reliant on oil proceeds.

However, the numbers are staggering. ­The Jubilee fields are some of the richest and largest oil deposits discovered in many years. In the long term, oil production is estimated to bring in $1 billion a year. This is a lot of responsibility, as well as a wonderful gift for Ghana.http://business.blogs.cnn.com/tag/robyn-curnow/

So my questions: Is this oil discovery a blessing or a curse? Can Ghana avoid the mistakes of some other African countries where oil revenue is used to enrich the elites and not the ordinary people?



http://business.blogs.cnn.com/tag/robyn-curnow/

I see good things in store for Ghana. They truly have a diversified economy. Welcome to the oil producing club.

Ghana :: Blessing
Southern Nigeria :: Un-utilized
Northern Nigeria :: Hellish, Devilish Heinous Curse.

Goodluck to Ghana

OP.
I love Ghana . , I'm happy for the country . . ,  . . .
I wanna be Ghanian

They will certainly face a lot o challenges ranging from militancy to oil spilage, etc. The benefit of Oil to any nation is DEBATABLE! God bless Nigeria!

God bless naija truely cos am proudly naija.
Ghana also shud welcome to a world of no rest,

^^^^^^
You're right my brother!

Dey dnt no every gud fn comes wv evil n trouble, wat pple dnt no is dat naija is tryn her best to manage it but by d tym ghana also start slpn wv ne eye open dey will wish and no dat e no easy

Is only in nigeria you will aclaim the wealth from natural resources like oil as a coste.
ghana were lucky to have reached a better management or solid democracy in that country before founding oil,good for them.
look at countries like norway,angola also ent through situation like ours before now,but they have changed for good.
even most arabic countries,though they have diferent kind of ssystem still developement is on high level.we are heading to that system that will make every nigerian benefits one ay or the other the resources that we got.
to get their our votes will start counting,when it does,politicians will start to worry and perform because they know that none performance will be left behind inthe nest election.
so anytime our votes starts to count, then the begining progress.
Ghana had the most free and fair election in africa and in the world first ten?,five?.
that is why the new oil bum wont be a coste to them.

So, would Nigerians be allowed to work for oil companies in Ghana , Just checking

Good luck to them

They should learn from Nigeria's mistakes

Don't put all your eggs in a basket

Ghana is a smarter nation . they are going to be ok.

They will have their challenges but Gh will be okay. .

Oh Ghana, Welcome the Dutch Disease Instead.

I really hope Ghana will learn from the mistakes made by Nigeria. An oil based economy might not be the best. Oil could be a big blessing to a Nation and at the same time can easily tear a Nation apart.

Adonike:

They will certainly face a lot o challenges ranging from militancy to oil spilage, etc. The benefit of Oil to any nation is DEBATABLE! God bless Nigeria!

Highly debatable, before you know it one or more regions will start claiming ownership leading to hatered and corruption.

^^^^^^^^^

and how do u know that

^^^ Thats quite simple. Nigeria is a very good example. You have a select few enjoying the wealth gotten from oil proceeds while majority suffer. Oil spillage, gas flaring are big hazards to the life of people in the oil producing areas and before you know it they begin to complain. Do you want to argue that?