Ghana Oil Represents
Great Possibilities for the
Nation and Her Proud People
Ghana oil is a topic shrouded in intrigue and seemingly gigantic
numbers, a subject that’s been prone to attract significant media attention, and a major point of speculation among oil bigwigs and emerging companies. It has been a point of contention among international stock markets with the seemingly chaotic price of oil, and has spawned the exploration of many nearby areas in the hopes of finding similar jackpots.
While the country has spent the several decades since gaining independence from Great Britain working to create a solid infrastructure and system of support for its disadvantaged populations, the recent string of discoveries of offshore oil create the prospect of putting these developments on the fast-track.
With an estimated gross domestic product of eighteen billion, or
eight hundred US dollars per person, Ghana is among some of the
world’s poorest countries. Yet its position within Africa has
long been especially strong and competitive, thanks to the nation’s rich reserves of high-demand exports such as cocoa, gold, silver, and ivory.
In addition to the resources and luxuries being shipped off around the world from the country’s interior, the increased focus on careful and competent management of the national currency as well as other economic factors has helped to shape Ghana into the steadily improving economic example for the continent that it is today.
However hardships have not been obliterated, and the need for basic services and funding has not been fully quenched. It is here that the discoveries of Ghana oil are likely to help the nation make great strides toward success on an international, global scale.The first major discoveries of offshore Ghana offshore oil occurred in 2007, and have been continuing up to the present with several new finds at regular intervals.
The Jubilee field, (opposite left), a rich underwater oil resource just off the coast of Ghana in the Gulf of Guinea, is said to to be a major resource for years to come.
The finds have catapulted a few oil exploration companies, like Tullow, into rapid super-stardom on the market, and have drawn the attention of global oil giants, as well. Vanco Energy Company in Houston, as well as Russian giant LukOil have also invested hefty sums into exploration and production within Ghana’s offshore borders.
Back on the land, the administrators of Ghana’s government and public services are overjoyed at what the finds might mean for their country and the prosperity of their people. Revenue from oil discoveries can help pay for the construction and operation of new schools, hospitals, universities, and other public programs aimed at raising employment and the overall standard of living.
The finds have also ignited the city of Takoradi – with property developers and other entrepreneurs offering the many ancillary services required to assist the newly ‘birthed’ Ghanaian oil industry.
Taking care to protect natural areas and habitats, the Ghanaian government is taking a decidedly welcoming stance toward investors, offering major contracts, yet is working to develop regulations that prevent any undesirable loss of the area’s relatively untouched environment.
As explorations continue and new discoveries inevitably crop up,
Ghana oil is sure to help invigorate the country with the
funding it needs to remain a strong economy force in Africa —
and an emerging contender on the world scene.