When the Nation’s Oil Sits in the Open

Ever since Ghana first struck oil in 2007, there have been various discussions on how the revenue derived from it can turn around the fortunes of this country, if used judiciously.

Although Ghana’s reserves are relatively modest by international standards, the World Bank has estimated that the Government of Ghana could earn revenue of about US$1 billion on average per annum, at an assumed price of US$75 per barrel.

Analysts have stated unequivocally that oil is Ghana’s last hope to its social and economic emancipation.

Various discussions on Ghana’s oil find has been centered mainly on the prudent management of the expected huge inflow, and more importantly, how Ghana can avoid the phenomena of a ‘resource curse’, which has characterised oil production in most African countries.

A sorry, yet useful example has been how oil production in neighbouring Nigeria has led to gross mismanagement, leading to civil and ethnic conflicts and corruption.

Ghana’s oil find continues to make her the daintiest bride on the continent, attracting suitors and all kinds of investments from the world over.

Undoubtedly, Ghana’s oil has made her more credit worthy, and has positioned her at the center of the world’s struggle for control of hydrocarbons in Africa – call it the new struggle for Africa.

Despite the immeasurable contribution this all-important commodity brings to bear on the socio-economic development of the country, the safety of our oil installations leaves much to be desired.

The sorry security situation around our oil installation dropped out of the lips of Defence Minister General J. H. Smith (Rtd), who, almost whispering at a recent meet-the-press series, stated unambiguously that Ghana’s only hope (oil) virtually sits in the open, without proper or adequate protection.

More worrying is the increasing threat of pirate activities in West Africa’s Gulf of Guinea, and the effect political unrests in neighbouring countries seem to have on this important asset.

Furthermore, The Chronicle is also aware of the disturbing activities of pirates, particularly, in our territorial waters, of which the country’s oil is a main target.

National Security Advisor Brigadier General Joseph Nunoo-Mensah (rtd) is also reported to have called for regional coordination and leadership in developing a comprehensive strategy to address the threat of piracy in the West African sub-region, validating the threat to the security of our oil.

One would have thought that the security of such an important national asset would have been paramount on the agenda in the development of our oil extraction, but the craze for control and the wealth therein, seem to have taken out reason for the security concerns first.

Should we stand akimbo until we see our oil installation go up in one huge ball of flame, or have our oil vessel under the control of pirates?

It is only a mad man who goes to bed when his thatch is on fire.

The Chronicle will say no more.