Oil Producing Community Welcomes Ghana
It’s been 3 years since researchers first found oil in the African nation of Ghana, perhaps known best among Americans as the nation that eliminated the United States from 2010 World Cup Competition, however, Ghana could soon become a much more relevant name on the international radar, as December saw the first oil pumped from the nation’s depths. Tullow Oil, a United Kingdom based collective, targets producing 55,000 barrels of oil in its initial efforts, but plans on more than doubling that output within the next 6 months, aiming for a 120,000 per day rate.Forecasters are particularly optimistic about Ghana as an oil producing entity, considering the relative stability the country has enjoyed when compared to other African nations of similar size. Whether such calm can be maintained amid the large influx of cash remains to be seen. A challenge for still developing nations blessed with substantial natural resources can be navigating the treacherous waters of greed and corruption. In year 1, Ghana should see close to 400 million profit from its oiling efforts, a number expected to grow to 1 billion annually, money that can either line the pockets of individuals in power or fuel national prosperity and see Ghana ascend the global ranks in terms of influence and quality of life for citizens.Of concern in regards to Ghana’s budding oil industry is a lack of regulation currently in place at the onset of the endeavor. Without proper safeguards and practices in place, it will be tough to gauge whether the financial windfall does more harm or good to the local community. Regulation regarding oil drilling is obviously a high priority on the conscience of industry officials, with the BP Gulf Oil Spill still only 6 months in the rear view mirror. The livelihood of fisherman is also at stake, a major occupation/lifestyle in certain sectors of the Ghana population. The oil sector of the economy will provide significant job growth, hopefully providing relief or career advancement for other industries adversely affected by the opportunity.