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Ghana's Oil To
Yield $20 Billion
By Abdul Salam Sule, Ghanadot
Accra, March 16, Ghanadot - The International Monetary Fund,
(IMF) has predicted that Ghana could generate cumulative
revenue of 20 billion US dollars from its oil and gas find
over production period of 18 years.
In a statement signed by Mr Ruby Kissiedu, the coordinator
of ISODEC, it said, the International Monetary Fund predicts
government revenues from oil and gas could reach a
cumulative $20 billion between 2012 and 2030 in the jubilee
field alone.
It said, the exploitation of natural resources in Africa has
often referred to as 'recourse curse' and it was due to an
increased in poverty and conflict.
The statement said, President Mills could help Ghana to
avoid corruption, underdevelopment, environmental damage and
social conflict associated with oil finds around the world.
It commended President Mills for his promise to promote
accountability in his administration and asked Ghana's
development partners and non governmental organizations to
support the government efforts to build transparent and
anti-corruption initiatives.
"This is an important step to preserve Ghana's record of
good governance and stability by preparing Ghana to support
accountable and efficient development of the oil industry
and the billions in government revenue it will generate".
The statement said, the world bank has committed $215
million in financing Cosmos Energy and Tullow Oil in support
of the development of the jubilee field.
"There is therefore the need for transparent revenue and
payment practices, open and competitive contract bidding,
active participation by civil society and adequate legal and
regulatory regime of the oil sector", the statement said.
Ghanadot
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