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GHANA JOINS THE LEAGUE OF OIL PRODUCING COUNTRIES.

Monday 25february 2008 was a memorable day for the people of Ghana formerly known as the Gold Coast. It was on that day that the discovery of oil (black gold) in that country was announced to Ghanaians. Apparently aware of what oil exploration has done to some Africa countries, the president of Ghana, John A. Kuffor, addressed a consultative forum in Accra where he stated that he will ensure that the lessons from those Africa countries served as a useful guide for ensuring the best practices were adopted to promote economic growth national development and to avoid any negative environmental consequences.

The two day forum was attended by oil experts and other important personalities from all walks life. However, the discovery of the oil was made possible by kosmos Energy who had previously discovered oil in a small quantity but now found oil in commercial quantity. President Kuffor of Ghana also stated that the discovery of oil in some developing countries, has been a curse rather than be a blessing, said that there are indication that in some developing countries with oil, growth in those area lends to slow down instead of moving fast. He further said that, all stakeholders must appreciate the fact that the discovery of the oil is a national asset, which need to be managed very well for the good and for the benefit of all. The president advised the tertiary institutions as well as Banking and Financial sector, to position them selves properly so as to develop the manpower and financial products for the national empowerment, as well as needing expertise from other countries but underscored the need for technological transfer in other not to perpetuate a depency syndrome. The Chief Executive Officer of the Kosmos Energy Mr. James Musselman told the cross-section of Ghanaians and the media at the forum that "the company will begin to extract quality crude oil from next year the oil well at the west year November 2008 to drill the Odun-1 well to pave way for commercial production of oil in Ghana where from guinea and libya. Meanwhile, there is more indication that other oil may likely be discovered in Ghana soon. However the discovery of the crude oil in the offshore Western Region by Kosmos Energy Ghana and Tullow Ghana limited has already generated a lot of public interest and discussion. The issues raised include whether there is any existing legal and regulatory framework for the exploitation of Ghana's oil and gas resources?

Learn more about this author, Adai Ogaba Emmanuel.
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