Muntaka Musah Yakubu
University of Professional Studies, Ghana
Title: Emerging oil and gas in Africa: The case of Ghana and the way forward
Biography
Biography: Muntaka Musah Yakubu
Abstract
Ghana was the first sub-Sahara country to gain independence (1957). In the early 1990s, after a long period of military rule, Ghana became a democratic state. Since then, it has been regarded as one of the most stable African democracies. The level of corruption is quite low, there are no violent conflicts and the macroeconomic structure is relatively strong. GDP is around US$38,24 billion, while the total state revenues, including grants, are approximately 30% of GDP. The main export products are gold and cocoa [CIA World Factbook, 2011]. In 2004 the country sold licences for offshore oil exploration and production (so called blocks) to different international companies. In July 2007, Tullow Oil and Kosmos Energy discovered oil in commercial quantities in the western region of Ghana. They named the area “Jubilee Field”. Development of the production site started right away and in December 2010 oil production was officially launched. Since 2007 further discoveries have been made. The Tweneboa field seems to be a second major discovery. In 2007 the former President Kuffour (2000-2008) announced enthusiastically, “With oil as a shot in the arm, we’re going to fly” [BBC News, 2007].