Ghana cautioned against corruption of oil

Ghana has been cautioned to take measures to manage the country’s new found oil revenue and use it for development.

A Reuters report titled “Risk to Watch in Africa 2011”, says the rise of corruption would be a source of worry for firms that are coming into the country to take advantage of the natural resources since Ghana has began oil production.

“Until now, the West African country has won itself a good reputation for transparency but politicians are still divided over how to use revenue from its Jubilee Field”, the report said in reference to Ghana.

“Any perceptions of deepening corruption would take the shine off what had been seen as one of Africa’s leading success stories,” it added.

It said even though access to economic activity continued to increase in Africa according to the Mo Ibrahim Foundation survey in October 2010, good governance for the first time declined driving some investors away. China however has increased its investment and aid to the continent.

Ghana started its first commercial oil production in December 15, 2010.

By Ekow Quandzie
ghanabusinessnews.com