Ghana earned over $847 million from oil export

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• PETER 10 years ago

  HOW WILL LEADERS OF CURRENT ADMINISTRATION CONTINUE TO RUN THIS NATION GHANA IRRESPONSIBILY WITH THEIR MASTER SLAVE MENTALITY WHEN WILL IT STOP. PAY BACK IS A b***h UNFORTUNATELY. 2015 IS AT THE CORNER AND HISTORY WILL BE THE ...
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  HOW WILL LEADERS OF CURRENT ADMINISTRATION CONTINUE TO RUN THIS NATION GHANA IRRESPONSIBILY WITH THEIR MASTER SLAVE MENTALITY WHEN WILL IT STOP. PAY BACK IS A b***h UNFORTUNATELY. 2015 IS AT THE CORNER AND HISTORY WILL BE THE JUDGE OF CURRENT ADMINISTRATION

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• Ghfuo: Be Bad &hang nyantakyi, NOW! 10 years ago

  Book: "Dead Aid" by Dambisa Moyo
  Every economist, African leader, finance minister must read this book!
  Book: "why nations fail": an abundance of natural resources is a national curse!
  These nations with natural resource w ...
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  Book: "Dead Aid" by Dambisa Moyo
  Every economist, African leader, finance minister must read this book!
  Book: "why nations fail": an abundance of natural resources is a national curse!
  These nations with natural resource wealth on average have worse financial economies than nations who don't. Why you ask? Weak institutions, corruption, bad governors, managers!
  Ghana Sovereign Wealth Fund by Martin Skankar.....Norwegian Ministry of Finance
  What is "Dutch Disease"?
  A percentage of proceeds from oil, gold, diamonds, cocoa revenues etc should be deposited yearly in a Ghana Sovereign Wealth Fund account, a national 401k. This money will never be touched by any govt, period! This money will be invested all over the world in socially constructive projects. Projects to be excluded can include chemical nuclear projects, environmentally disastrous projects, product based exclusions, tobacco, walmart(human rights abuses). The ROI from this fund will be used to supplement infrastructure projects. Is Ghana a cursed, weak institution? Yes, I agree whole heartedly!
  
  How to stop Corruption
  1. Corruption Sensitivity Training: Educate the executives(attorney general, the judges, public officials, immigration, police officers)about the short, long term effects and impacts of corruption. Corruption Sensitivity Training should be a mandatory part of interview process, class, testing requirement for all ministers and public sector officials. Make them aware of the consequences and have them sign off on this. If judges, police officers, employees are educated and made to understand the explicit and implicit impacts of corruption and how it affects their own salaries, bonuses etc. Things will change!
  2. Enforce the Law: Offenders must face jail time, tickets/fines, sell assets to payback what has been stolen, name and shame offenders in media
  3. Put ethical persons in positions of power,
  4. yearly revenue audits brief
  5.NPP: Narcotic Peddlers Party, NDC: Niggas Deep in Corruption

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• oburonewewu 10 years ago

  USA -$17,754 Billion
  UK - $9590 Billion
  GERMANY- $5546 Billion
  FRANCE - $5750 Billion
  JAPAN - $2861 Billion
  
  Ghana- $12 Billion
  All those so called rich countries, that we always run to begging for money are in more de ...
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  USA -$17,754 Billion
  UK - $9590 Billion
  GERMANY- $5546 Billion
  FRANCE - $5750 Billion
  JAPAN - $2861 Billion
  
  Ghana- $12 Billion
  All those so called rich countries, that we always run to begging for money are in more debt than we are
  yet, we go running to them for money to save us and we end up in more debt.
  They give us this money with a lot of strings attached and they end up making more money from us than we borrowed from them.
  For every penny that they give us they make 3x that from us by attaching strings to them and making us more dependent on them and boosting their economy and not ours.
  An example is India giving us a loan to build the Presidential Palace. They brought their own workers and cheap materials with them thus they provided work for their people,increased the production capacity of the companies that manufactured those materials and all we have is a building not fit for purpose.
  Had the K4 government used a local contractor,it would have created jobs for Ghanaians,boosted the production capacity of companies that make the building materials in Ghana,those who will build it will also have money in their pockets to buy things that they need ,the market woman will also have money to invest in their businesses so on and so forth. This in Economics is called linkages.
  Until Ghanaians and the government learn to appreciate Made in Ghana products,the country will forever be at a standstill because we are not creating enough linkages in the market place for businesses to flourish and grow to enable them produce quality products and boost the economy, create jobs and pay taxes.

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• eugene 10 years ago

  Our old people have pensions from gov plus medicare(nhis). We have excellent hospitals,good schools, Unless you live on farm/ranch/ in bush, you have running water and gas & electric when you pay..We have nice big roads (10 l ...
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  Our old people have pensions from gov plus medicare(nhis). We have excellent hospitals,good schools, Unless you live on farm/ranch/ in bush, you have running water and gas & electric when you pay..We have nice big roads (10 lanes wide in Chicago,New York,La, Atlanta... We have both public and private rubbish removal...What does Ghana have? Hot weather, dirty water(mercury filled)...schools under trees( ok 1 or 2 days a year) dirty beaches

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• JOSEPGH 10 years ago

  HEDGE CURRENT GLOBAL PRICES FOR LOCAL CONSUMPTION TO GAIN LATER WHEN PRICES GOES UP

  HEDGE CURRENT GLOBAL PRICES FOR LOCAL CONSUMPTION TO GAIN LATER WHEN PRICES GOES UP

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• eugene 10 years ago

  many a manager from airlines and railroads & trucking companies have lose their jobs for wrong(too much hedging) You can't do like the buyer(china) and write into contracts fixed rates> Remember the buy makes money when the p ...
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  many a manager from airlines and railroads & trucking companies have lose their jobs for wrong(too much hedging) You can't do like the buyer(china) and write into contracts fixed rates> Remember the buy makes money when the prices raise and his contract stops hikes..But he looses when prices fall because he has signed contract to buy at a higher price!

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• joojp 10 years ago

  where is the money?

  where is the money?

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• Jimmy , Canada 10 years ago

  Where is the income (the money).You have shared it amoung yourselves. stop deceiving the nation.

  Where is the income (the money).You have shared it amoung yourselves. stop deceiving the nation.

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• Vincent Antwi 10 years ago

  We need at least 70 billion dollars a year just to rebuild a major cities. The oil ghana is exporting is very small.

  We need at least 70 billion dollars a year just to rebuild a major cities. The oil ghana is exporting is very small.

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• Aku 10 years ago

  We do not need to rebuild any cities yet. What we need is infrastructure! You know, build hospitals, fix the light problem, support education and the security outfits, etc. We do not care about building cities. And Mahama nee ...
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  We do not need to rebuild any cities yet. What we need is infrastructure! You know, build hospitals, fix the light problem, support education and the security outfits, etc. We do not care about building cities. And Mahama need to stop buying sanitary pads for girls. What a ridiculous idea!

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• eugene 10 years ago

  might as well gave it away or burned it..Its helping nobody but mahama and the ndc!

  might as well gave it away or burned it..Its helping nobody but mahama and the ndc!

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• Aku 10 years ago

  "Ghana’s earnings from the petroleum export is shared between the Ghana National Petroleum Corporation and the Ghana Petroleum Fund, while and the rest is used to support the budget."
  
  Not enough information to glean from ...
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  "Ghana’s earnings from the petroleum export is shared between the Ghana National Petroleum Corporation and the Ghana Petroleum Fund, while and the rest is used to support the budget."
  
  Not enough information to glean from. How much goes to the budget again? And why are we making so little?!

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• The mask 10 years ago

  The Bank of Ghana (BOG) has no Eastern Regional headoffice. The BOG must ask for land from the King of Akyem (Okyehene) to construct this building. I don´t believe that the BOG has accurate data on the economic activity in t ...
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  The Bank of Ghana (BOG) has no Eastern Regional headoffice. The BOG must ask for land from the King of Akyem (Okyehene) to construct this building. I don´t believe that the BOG has accurate data on the economic activity in the at least 12 Akyem districts which make up more than half the population on the region. The GDP and GNI of these Akyem districts are very high. They stem from:
  
  Gold mining
  Diamond mining
  Cocoa
  Oil Palm (the largest in West Africa)
  Timber
  Software development
  etc
  
  The money supply and capital in the at least 12 Akyem districts are wholly inadequate. BOG must remove impediments to the setting up of rural banks in these districts and encourage ADB and GCB to open branches in these districts.
  
  The government must further ensure that wholly owned Ghanaian banks, including rural banks, get at least 80% of the banking revenue.

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• eugene 10 years ago

  Even the huge bank of America don't make 200% profit! interest rates in USA are advertizing 1% for 2 year time deposit! car loans given by Ford/Dodge/GM by Ally Bank are 5% for people with good credit..And even the evil credi ...
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  Even the huge bank of America don't make 200% profit! interest rates in USA are advertizing 1% for 2 year time deposit! car loans given by Ford/Dodge/GM by Ally Bank are 5% for people with good credit..And even the evil credit cards (no collateral) are 12%....Only oil companies Exxon & Chevron ,make 200% profit per 1/4 year..Do business with credit unions! In USA they are set up to return the profit to the UNION allowing lower rates on loans and banking services

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• JAMES Y 10 years ago

  The best is yet to come. Ghana is on the right track. PIAC must try hard to avoid partisan politics to involve its work. It should, equally, do away with unsubstantiated information that serve to damage its image.

  The best is yet to come. Ghana is on the right track. PIAC must try hard to avoid partisan politics to involve its work. It should, equally, do away with unsubstantiated information that serve to damage its image.

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• summy addo 10 years ago

  ILLEGAL SCALE ADJUSTMENT KILLING THE INTEREST OF THE YOUTH IN COCOA FARMING. LBCs TO BLAME. THEY ARE USING PURCHASING CLERKS AS TOOL TO CHEAT FARMERS

  ILLEGAL SCALE ADJUSTMENT KILLING THE INTEREST OF THE YOUTH IN COCOA FARMING. LBCs TO BLAME. THEY ARE USING PURCHASING CLERKS AS TOOL TO CHEAT FARMERS

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• Counselor 10 years ago

  What Ghana needs to do with the flow of this wealth is to use the money to diversify not only the economy but the export mix. Over reliance on natural resources alone opens Ghana to global economic shocks. This would entail p ...
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  What Ghana needs to do with the flow of this wealth is to use the money to diversify not only the economy but the export mix. Over reliance on natural resources alone opens Ghana to global economic shocks. This would entail pumping money into manufacturing, (value addition of its natural resources), infrastructure, diversifying its energy sources, improving agriculture, encouraging the setting up of R&D outfits since they are the catalysts for the diversification process. Oil should not be the only major source of income or game changer for the country. Diversification will create jobs, enhance the local currency, open avenues for the granting of patents to Ghanaian scientists, help with food security and a vibrant economy-all elements of true development. Some of the richest countries globally have excess oil but they do not rely solely on this commodity because of the volatility of a single source of income. Will Ghana and her policymakers listen? I hope so! Diversification has worked miracles for Mauritius, China, India, Malaysia, Brazil and Indonesia (these countries used to be developing countries like Ghana-but today they are emerging economies because of embracing sound micro-economic policies like diversification) . Most of these countries are endowed with abundant natural resources but chose to diversify their economies for a bigger payoff of higher GDP and international recognition. Ghana can take a cue from this.

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• Substitute Teacher 10 years ago

  This politicians are crooks. May thunder rain down on any of them that has stolen from the nations coffers at the expense of the poor.

  This politicians are crooks. May thunder rain down on any of them that has stolen from the nations coffers at the expense of the poor.

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• Kwame 10 years ago

  The first person on whom thunder should rain should be K4 and his EO Group. They made a cool $350 million and the nation of Ghana lost $3 billion

  The first person on whom thunder should rain should be K4 and his EO Group. They made a cool $350 million and the nation of Ghana lost $3 billion

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• eugene 10 years ago

  THE FIRST MINUTE HE WAS IN THE CASTLE OR FLAGSTAFF HOUSE HE STARTED STEALING AND NEVER STOPPED...rEMEMBER OIL WAS found WITH kUFFOUR IN OFFICE!!!!!!! sOMETHING GHANA IS 50 YEARS LATE AT THE GAME...NIGERIAN OIL STARTED PUMPING ...
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  THE FIRST MINUTE HE WAS IN THE CASTLE OR FLAGSTAFF HOUSE HE STARTED STEALING AND NEVER STOPPED...rEMEMBER OIL WAS found WITH kUFFOUR IN OFFICE!!!!!!! sOMETHING GHANA IS 50 YEARS LATE AT THE GAME...NIGERIAN OIL STARTED PUMPING 50 YEARS AGO!!!!! AND CHEVRON OIL OF THE USA HAS BEEN IN BUSINESS 100 YEARS!

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