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20.09.2011 Business & Finance

Oxford Business group launches report on Ghana’s oil discovery

By Joy Business/Ghana
Oxford Business group launches report on Ghana’s oil discovery
LISTEN SEP 20, 2011

The major contribution that oil revenues will make in Ghana's drive to diversify its economic base is explored in a milestone report published by the Oxford Business group.

The 2011 report, which marks OBG's first publication on the country's economic activity and investment opportunities, was launched Tuesday at the Movenpick Hotel.

The event was attended by over 200 dignitaries and high level representatives from politics and business.

The publication provides indepth analysis of the boost that Ghana's oil find should contribute to its GDP.

It also considers the key role that oil production will play in redefining the economic landscape which is currently dominated by cocoa and gold. OBG's report includes a detailed, sector by sector guide for foreign investors together with a broad range of contributions from prominent political, economic and business leaders, including President Mills.

With gold dominating the country's mining exports, the report offers comprehensive coverage of the boost that rising gold prices are giving to both production and revenues.

It also considers the potential that untapped reserves of the non-traditional minerals may offer alongside other resources which include diamond and manganese.

Regional Editor of the Oxford Business group, Robert Tashima said what the report did “was to show both the opportunities and challenges present in Ghana's economy”.

He said opportunities in the areas of commodities such as gold, cocoa, and oil were well known and to a lesser extent financial services – banking and capital markets, agriculture, amongst others.

The Chief Executive of the Oxford Business group, Andrew Jeffrey, cautioned Ghana on the need to invest its oil revenues wisely.

He said Ghana must learn from her regional neighbours who have discovered oil but have not seen any significant physical development.

“The general path of liberalization and of diversification that this government is on is very good and if you look at the statistics here – you have growth of 13 per cent…you have inflation coming down, you have the deficit coming down, you have the rate of poverty coming down, so the general micro-economic picture here is very positive,” he stated.

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