Oil is not an end to our woes

MUCH has been said about the country’s oil find. Several workshops and public fora – both at the national and regional levels – continue to be organised to make sure that this nation derives the fullest of benefits from her yet-to-be explored oil and gas resources. Whilst some of these workshops have focused on the judicious use of the oil revenue, others have advised that we take a cue from African oil countries where oil exploration has generated bloody conflicts and claimed innocent lives.

WE on this paper believe that these oil workshops are essential in fine tuning and ensuring that our oil does not become a curse as it is happening in some African countries. A good example is our sister country Nigeria where more and more innocent people are killed in her oil explored areas.

Ghana’s oil find brought a lot of hope to many Ghanaians, at least with the optimism that the exploration of the resource will see an end to our socio-economic problems. Today does not think so. In fact we agree intoto with Mr John Lipsky, first Deputy Managing Director of the International Monetary Fund (IMF) on his submission on the floor of Parliament on Wednesday, February 17, 2010 that until we manage our fiscal affairs well not even the revenue from the oil would be enough to create jobs and improve the standard of living of Ghanaians.

IT was in this respect that Mr Lipsky stressed the need for prudent and sound financial management to enable the future oil revenue augment an expanded public investment programme. Added to this, Energy Minister, Dr Joseph Oteng-Adjei, has disclosed that the oil revenue that will accrue to Ghana will represent less than 5% of our Gross Domestic Product (GDP). So the fact remains that the oil money will not be enough to eradicate poverty in this nation.

INASMUCH as we have to be optimistic we should also not lose sight of the fact that there have been countries with oil that have not been able to wipe out poverty. Right here in Africa we can cite the case of Nigeria, Sudan and Angola which are all oil producing countries, yet the level of deprivation in these countries is very enormous.

WE can even look at it from this point. Ghana is endowed with rich natural resources such as gold, diamond, bauxite, manganese, etcetera, yet majority of Ghanaians are impoverished. There are many in our societies who still find it very difficult to live on three square meal a day.

WE hope the NDC government would take into consideration the submissions made on the floor of Parliament by the IMF’s first deputy managing director. As the government strives to achieve its better Ghana agenda, Today hopes that it will widen its revenue base and also ensure sound budget spending that will bring about a prosperous Ghana.

THAT also means that government should tackle the issue of corruption seriously. It is common knowledge that one of the many factors that continue to hinder the growth of our economy is corruption. It is our hope that the NDC government would not renege on its promise to deal seriously with the issue of corruption