.... Nigeria with oil money or something better?
Would Ghana develop to become a version of Nigeria where no one sees the money generated from the oil money.
Or be like some of the Arab countries that since its discovery of oil have set the pace of development, which would make any country envious. Many of these countries were once fishing towns have now been transformed into wealthy nations to the extent of top class hotels and competing with USA and other developed countries.
These rich Arab nations invested in all areas of their infrastructure. This has made them to be respected among the developed world. For example, a recent study conducted by the International Monetary Fund calculated that the Qatar stock market's capitalization nearly tripled from 2001 to 2004, the Saudi market's more than tripled and the United Arab Emirates market increased sevenfold. On the contrary what is happening to Nigeria, which is also an oil rich nation yet its population is suffering in abject poverty. How does Ghana avoid the pitfall that Nigeria has suffered?
What is clear is that Ghana must systematically learn from Nigeria; avoid the pitfalls, so that its new oil discovery would transform the country with long-term economic recovery and developments. However any development on this level would mean Government working closely with our chiefs and council of elders within each community.
This is what we need to consider if we want to see any progress and compete with OPEC.
With Ghana’s new found oil discoveries, would it go the Nigeria way or Abu Dhabi?
How could we match Abu Dhabi’s transformation?
