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Article: With oil, we are going to fly--Kufuor: the discovery of economically viable oil reserves off shore Ghana is in danger of raising too many expectations. It will take quite some time before the oil can be commercially exploited. In the meanwhile, the economy has been performing well and, as Neil Ford points out, it might be best not to pay too much heed to the newly discovered oil.(GHANA)
- Article from:
- African Business
- Article date:
- August 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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A recent announcement by Irish firm Tullow Oil and Gas could see Ghana join the ranks of Africa's net oil exporters. The country has long produced a small quantity of crude oil that helped to reduce its oil import bill but government efforts to encourage further investment into the country's upstream oil and gas potential have not been wholly successful.
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Yet now the Tullow discovery could have a massive impact on Ghana's fortunes: by providing an additional source of export revenue, cutting the national bill for the purchase of refined petroleum products and generating income that could be invested in ...