By Edmond Tetteh – Oil is today seen as the driving force of most economies that have the resource on their territories. The resource has upstaged gold and probably diamond as the leading natural resource or trading commodity that drives the growth of such economies. It is not for nothing that Oil has been labelled the ‘’Black gold’’. Its importance to the socio-economic advancement and the daily activities of an economy is immense.
The presence of the resource in most of the oil-producing economies has been a huge blessing with the standard of living in these countries getting relatively better. Mention can be made of the Gulf countries and some economies in the Latinos such as Venezuela. But for some other countries, especially on our part of the Continent, the resource is both a blessing and a curse.
Nigeria is one of the leading oil producers in Africa and Organisation of Petroleum Exporting Countries, OPEC. Latest economic indicators speak of the growth of the Nigerian economy following the sale of oil to turn the fortunes of the country around. But one can also admit that Nigeria has suffered in the recent past, because of this same oil wealth with reports of corruption and the graft in the marketing of the commodity.
Looking at the stature of Nigeria, in terms of oil production, one would have expected a much improved economic and socio-political landscape. Unfortunately, this is not the situation.
Ghana, the latest to trumpet the discovery of oil and hopefully to produce oil in commercial quantities by the close of this year, has not had things easy on the oil front, especially in the last few years. Intermittent long queues at petrol filling stations attest to this.
There is much expectation that if Ghana starts producing oil at the jubilee fields in the next few months, much of the country’s oil problem would be solved. But if that is the case, there will not be petrol queues in oil-producing countries like Nigeria, Iran and Venezuela.
Fortunately there has been enough forward planning with regard to how Ghana’s oil wealth should aid our growth and substantially improve the lifestyles of the people.
The President of Equatorial Guinea is in Ghana. But, inspite of its huge potential oil production, one will not fail to notice some of the economic doldrums that Equatorial Guinea finds herself in.
Ghana can take a cue from these countries and ensure that oil on our land never becomes a curse but a resource to transform the image and lives of Ghanaians.
Oil and gas go hand in hand. Whiles the country is doing all in its power to ensure the constant supply of crude oil, much less is known about what is happening to the supply of GAS. Gas has been in short supply in the last few weeks with domestic users carrying cylinders all over the place in search of gas.
What has happened to the recent news that gas has started flowing through the pipes of the West African Gas Project? Worse of all, are the commercial car users, most of whom have converted their petrol tanks into gas thereby piling pressure on the already scarce commodity.
Something must be done about the situation in order to save the domestic user from all the nightmares in acquiring the product.
Source: GBC’s Current Affairs Desk
Well I think the oil industry will be a blessing rather than a curse because government is going to benefit in terms of revenue and infrastructural development. Also employment will be available that will boom local industries and mining activities.
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