With the recent discovery of a massive crude oil field in Ghana's Gulf of Guinea, the West African nation has joined the ranks of Africa's largest oil producers.
Now the question looms: Is that a good thing for Ghana?
Last week, in a live televised event, Ghanaian president John Atta Mills (pictured above left) turned on the oil valves to start the flow of oil in the Jubilee oil field, which holds an estimated 1.8 billion barrels of oil and will begin producing 55,000 barrels per day in weeks.
The new oil wealth could bring $1 billion a year into the government's coffers.
On the surface, it seems that Ghana, among the most successful nations on the continent, should do well with its new found oil wealth.
Though impoverished, Ghana is doing better than most other African countries with healthy trade partnerships around the world, diversified economy and stable political leadership.
The construction of schools, hospitals, roads and water systems should take priority for the government -- not building armies and lavish palaces.
But Ghana wouldn't be the first country to squander new oil wealth if leaders were to allow greed and corruption to flow along with the oil.
read the rest here - http://www.bvblackspin.com/2010/12/21/ghana-oil-discovery-blessing-or-curse/
