To What Use Should Ghana Put Its Oil Wealth

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The curse of the abundance has been a great thorn in the flesh of nations endowed
with a vast reserve of mineral resources. Widely publicized stories make one fact certain that
the mere presence of oil in our geographical jurisdiction guarantees nothing special of any
sort. If that were to be the case, thenno doubt a place like Nigeria should be one of the
greatest places to live.
Unfortunately, a country’s oil wealth can invite greed and conflict which can erode the
government’s ability to function effectively. One should never underestimate the impact that
this oil find can have on our society, our politics as well as our environment both positively
and negatively. It is the constant job of pessimists to look at the negative aspects only.
Optimistically speaking, Ghana has a lot to gain from its new found oil wealth.
The backbone of Ghana’s economy is basically agriculture. The income generated
from the agricultural sector is very encouraging. However, one major problem hindering
growth in this sector of our economyis the fact that raw materials are locally used and
exported without first processing them. As a result of the lack of highly sophisticated
industrialized processes in the country. This major worry can be a thing of the past if efforts
are made towards solving it. This is where our oil wealth comes to play. Revenue generated
as a result of the royalties and taxes from the drilling corporations should be invested into the
production of raw materials such as cocoa to add value to them. This willincrease income
when these finished goods are sold onthe local market as well as when exported. Processing
such goods right here in Ghana is alsogoing to provide ready market for the farmers who
invest a lot in this sector thereby also improving the living conditions of the indigenous
Ghanaian.
The transport system in Ghana needs serious refurbishments.This oil wealth presents us with vast revenues that can
be channeled towards improving them for easier movement.

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