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Major new oil field Discovered in Ghana

Comment: OIL, GOLD, DIAMONDS & GRINDING POVERTY

Author:
Noko Bi
Date:
2010-07-26 08:26:51
Comment to:
Major new oil field Discovered in Ghana


Anadarko Announces Discovery Offshore Ghana


Ghana is one of the largest gold endowed nations in the whole wide world. Its reserves are estimated to last for some 700years if mined at 1million ounces per annum according to 1980s estimates. In other words, Ghana has 1,000,000 x 700 ounces of gold reserves or 700million ounces. Ghana is the second largest cocoa producer in the world after Ivory Coast and its cocoa has a premium because of its high quality. Ghana has diamonds and has been mining it for years, even though much is not talked about that and we have not began to talk about bauxite, timber, iron and other minerals it has. Now oil and gas have been discovered by Tullow and its partners and also Lukoil and Vanco in large commercial quantities. Assuming you just landed from Mars and someone called you aside and told you this and further advised to invest in those products because they are all in huge demand; what would you think of this small African state of only 24million people? You would say it is a very wealthy state and would not be stupid to imagine the streets literally painted with gold. You would have been perfectly right to imagine that and you would be very shocked that you got it terribly wrong when you get to this country and realise that it is a poor country with streets full of filth where people are dying in hospitals for lack of proper care and children study under trees and nobody seems to really know what to do. You would be right to conclude that either something is terribly wrong with these people or the way things are done on earth or let us say, the world. And you would be right. Something is very wrong with Ghana in respect of what it gets from its resources. It gets too little in terms of its share of the rewards and this must be changed. This is why we must look at the agreements on mining concessions and other such transactions again and seek more equitable reward that would enable us get enough revenue so we can develop and get out of this poverty when we are blessed with so much. This is why GNPC's intention to buy Kosmos shares makes sense and why we should all support it. It is why Ghanaians cannot understand why our own citizens who call themselves enlightened so-called capitalists are fighting tooth and nail to derail GNPC's efforts for purely political and selfish ends. These pseudo-capitalist traitors never stop their constant betrayal of their own people!

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07-26 02:39
FROM NDC OFFICE
07-26 08:22
 
 
 
OIL, GOLD, DIAMONDS & GRINDING POVERTY
Noko Bi
07-26 08:26