A report sanctioned by the Public Interest and Accountability Committee (PIAC) has revealed that the country has failed to attract the necessary socio economic benefits since oil production began 10 years ago.
The report said the positive economic outlook, coupled with the discovery of oil and gas in 2007, heightened public expectations and investor confidence in the economy even though the necessary legal and systematic measures had not been established to ensure benefits of oil and gas were efficiently managed and distributed.
But added the situation cannot be same after ten years of production.
The report titled “Assessment of the Management and Use of Ghana’s Petroleum Revenues (2011-2020)” said Ghana was likened to the Asian Tigers and posted as the Star of Africa in the early days of its discovery.
Indeed, initial investments in the oil and gas sector contributed significantly to Gross Domestic Product growth between 2009 and 2013. However, the slump in crude oil prices from 2014 led to a negative oil induced growth in 2016.
Also, the suggested minimum $1 billion of government revenue from 2011 onwards never materialised due to the oil price slump and significant cost recoveries associated with the Jubilee Oil Field remedial works.
In fact, the closest Ghana got to was $978 million in 2014 when oil prices traded around $98 per barrel.
In other words, the heightened expectations or sense of euphoria of Ghana “zooming” and becoming the “African tiger” is still yet to happen, 10 years down the line.
The report pointed out that Ghana, like other emerging prospective petroleum producers mostly in Africa, fell victim to the resource curse, whereby the elation of potential oil revenues being used for development is often met with significant disappointment.
The report concluded that oil induced growth has not been inclusive as initially anticipated.
For example, Ghana’s Human Development Indicators have been relatively stagnant in the 10 years post-oil poverty and inequality in both rural and urban areas is rising.
- Veteran actor Ekow Blankson has passed on
- Gabby Otchere-Darko hangs out with Arsenal players after win over Spurs
- I am not into galamsey – Chairman Wontumi
- Akufo-Addo directs SIGA Boss to probe infractions in 2021 Auditor General’s report
- I don’t feel sabotaged – ECG MD on credit purchase challenges
- National Security arrests Imam for having links to jihadist group
- I broke down after old tweets resurfaced – KiDi
- ‘Task Ofori-Atta to seek help from Seth Tekper in addressing our economic miseries’ – Gyampo to Akufo-Addo
- Cedi loses 40% value to dollar in nine months of 2022; places 147th position in world – Bloomberg
- Sam George deletes Facebook post about alleged attack on ECG system
- Do not bastardise ECG’s IT department for technical hitch – John Jinapor
- JICA organises third seminar on construction technology for Ghanaian engineers
- Forty Under 40 awards: Xodus Communications Limited releases full list of winners
- North Korea fires ballistic missile over Japan
- ECG vendors should have been made to work round the clock to address challenges – Kofi Kapito
- Forty Under 40: WhiteChalk CEO wins Event Management and Planner of the Year
- Aluu 4: Ten years from the lynching that shocked Nigeria
- Sunyani West residents outraged over deplorable roads
- COCOBOD secures US$1.13billion to purchase cocoa
- Akonta Mining Limited has no permit to undertake any mining operations in Tano Nimiri Forest Reserve – Minerals Commission
- Celebrities mourn Ekow Blankson
- Pro-Alan groups step up efforts to win Ashanti NPP
- Sacking Samuel Boadu at the ‘wrong time’ brings pressure on the new coach – Amankwah Mireku
- Playback: PM Express discuss ECG vending challenges
- COCOBOD signs $1.13bn syndicated loan for 2022/2023 cocoa crop season