PROTECTING OUR OIL (AUGUST 31, 2010)

CRUDE oil, also known as the “black gold”, has been a source of income to many economies, in spite of fears that it could be a curse if not properly managed.
Ghana has since 2007 joined the comity of oil-producing countries. Indications are that the Gulf Coast of West Africa is the next destination of oil wealth and will account for 25 per cent of oil supply to the United States of America in the next 10 years.
Presently, the West Coast accounts for almost 10 per cent. This is how significant West Africa, which includes Ghana, has become in international circles.
Ghana’s oil, although significant, cannot be the panacea for the economic woes of the nation. Reserves estimates are about 1.6 billion and expected drilling of about 120,000 barrels per day, which is a drop in the ocean as compared to Nigeria which produces 2 million barrels, yet expectations of oil money has been heightened in this country.
A look around the world shows that oil discovery has been a source of conflict in many countries, as selfish individuals willing to benefit at all cost in the oil business will do anything at the expense of national cohesion.
Therefore, the call by the President to deal with questionable characters in the oil sector for their selfish means is in the right order.
The call is not only timely, but also significant, in the sense that reports of militants on the borders of the country infiltrating our localities are rife and worrying.
Dr Kwesi Aning, a Research Fellow at the Kofi Annan International Peacekeeping Centre in Accra, a week ago at the Graphic Business Forum, expressed concern about the need for transparency in the oil business to assuage the high expectations of Ghanaians.
The DAILY GRAPHIC is of the opinion that while the government has declared its intentions to deal with such miscreants in our society, the country could begin the process of ensuring more transparent discourse with all stakeholders.
The seeming silence on the country’s oil business from officialdom and recent reported cases of impasse between the GNPC and Kosmos need to be discussed dispassionately and with the objective of ensuring transparency.
Beyond that is also the need to bring to the table and for the education of Ghanaians the issues regarding the Oil Management Fund and to devise strategies for implementation that will be made known to all Ghanaians.
The DAILY GRAPHIC is convinced that the government will do the right thing by putting in place the necessary regulatory and legal regime needed for the full exploitation of the oil find for the benefit of all Ghanaians.
We do not have the luxury of time, considering it that the first oil drill is expected in December, this year.
Again, the government must demonstrate by actions, such as resourcing the security agencies with the needed logistics and capacity to deal with both internal and external actions.
We cannot be oblivious to the fact that people would find loopholes where they are available and, therefore, all the necessary support should be forthcoming and timely.
The DAILY GRAPHIC also calls on each Ghanaian to do his or her part to expose the activities of those who have made it their mandate to rip this country off through their dubious activities.
After all, the benefits of the oil business will depend on the collective efforts of each individual to police this very important national resource.