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Opinions Sun, 28 Nov 2010

Developmental Benefits Of Ghana’s Oil Find.

The centrality of Ghanaian social and political

economy is well establish, this essay is to enumerate the developmental

benefits of Ghana's oil find.

There are some key words which need to be expatiated

- development, what is meant by oil and the Ghanaian economy. Development

of a country is the progress that is made or being made in every sphere of the

country, being it social, economic, political, just to mention but a few; crude oil,

is naturally occurring

oily, bituminous liquid composed of various organic chemicals. It is found in

large quantities below the surface of Earth and is used as a fuel and as a raw

material in the chemical industry. Modern industrial societies use it primarily

to achieve a degree of mobility—on land, at sea, and in the air—that was barely

imaginable less than 100 years ago; Ghanaian economy can be considered as an

economy that has gone under various changes through time, from agrarian to

industrialized, and has now attain a bit of equilibrium. Development benefits

can be classified under social, economic, and political.

Firstly, some of the social benefits of the

oil are: boosting the spending on job training and education, infrastructure

development, these are the central points as well as social benefits are

concerned. The citizens (Ghanaians) must be helped in training programs that

will help them personally and also help in the reduction of unemployment in the

country, the oil wealth will increase the standard of living of Ghanaians.

Education is also another social benefit that the country and citizens will enjoy

as well as developmental benefits of the oil are concerned. The education level

in the country will increase in order to increase the literacy level in the

country. The benefits of the oil in the country must be structured in such a

way that the educational sector will be given a greater concern than being done

now. Another social benefit is the infrastructural development, that is, the

infrastructure

of the country will not be sidelined in the development of the country.

Infrastructure should be in the way of providing of public toilets at the rural

and also the cities or urban, police stations must also be provided in the

various rural areas, also there must be provision of post offices and clean

pipe borne water at various regions within the country. These social

developments should not be concentrated only on some part of the country but

all the country. By the mention of social benefits the only central point is

the conducive environment.

Secondly,

economic developmental benefits must be with the general sphere in the country,

talking about agriculture sector, health sector, to mention but just a few. The

will be rise industrial production and expansion and improve in the quality of

agriculture. These will be successful if most of the oils revenue is invested

into the production of raw materials in the country before exporting them. Also

Investment must allocate to mineral resources, communications, housing, and

petrochemicals. Also Ghana will increase its deposits in foreign banks, while

at the same time reducing its outstanding debt. Also Tourism is one sector of

the economy that must be targeted for development, the formation of commercial

banks to finance tourism projects should be encourage so that there will be a

bank for tourism as it being done in other countries in Africa. With high oil

revenues it will enable the government to post large budget surpluses, Ghana

will enjoy a substantial surplus in its overall trade with other countries;

imports will increase rapidly; and ample government revenues will be available

for development, and defense. The

emergence of oil in the country will encourage foreign direct investment.

Thirdly,

the political benefits must not also be forgotten, and these must be in the

form of distribution of the oil benefits across the country using institutions

that are guided by efficient and rationality. The political system will

transform if and only the political leaders are able to use the money

efficiently for the state and not vice versa. Distribution or allocation of the

resources is the main concern of politics and I believe that with emergence of

oil in the country our politics will go extremely right.

Finally I

will like to state that the emergence of oil in the country will help the

country to increase in its economic, political. Social and all other aspects of

the country including internal and external.

Lamptey

Alfred

Knust.

Alfredlamptey@yahoo.com.

Columnist: Lamptey, Alfred