Are you ready to amplify your academic presence and connect with a global network of researchers? Join the Scholar Indexing Society and elevate your research to new heights!
Economic Effects of Oil and Gas Production and Management on the Ghanaian Economy
Article Number: SIS603517AI120523
13th May, 2023
Author(s):
Bernardette Naa Hoffman
Abstract:
This paper offers a
systematic analysis of the likely economic effects of oil and gas production
and management on the Ghanaian economy. The paper has been motivated by the
fact that some empirical literature report that natural resource endowment has
not necessarily led to economic development in many countries. It is with this
apprehension of a possible natural resource curse in Ghana, having discovered
oil in commercial quantities that the economic effects of oil and gas
production and management on the Ghanaian economy are worth considering. The
paper provides a basic descriptive analysis of the issues under consideration. It
concludes that oil and gas production in Ghana does not provide a magic wand to
transforming the economy of Ghana overnight, but the efficient management and
application of the revenues from the sale of the resources will provide keys to the economic development of Ghana. Again, to ensure efficient use of the revenues
from the resources, the revenues must be spent on specific projects of urgent
national importance that could generate more revenue in the end and stand the test
of time to help posterity to have a better judgment of the use of the resources
found.