WHAT NEXT

After tarrying months of loquacious speeches from various interest groups in the oil and gas industry that has sprung in Ghana, the first oil was lifted, and according to the reports, sold at a price less than what was quoted on the international oil market. One might be tempted to think of this as a mishap, but i believe the right thing was done. There is the need to establish oneself as a strong player before demanding for certain incentives.

After the first lift, we have not heard any of those heated debates that engulfed the country concerning how the proceeds from the industry is going to be utilized. However, not too long ago, the Oil and Gas bill was passed by the legislature. There are concerns as to why the 10 percent request for the region where the oil was discovered and drilled was ignored.

Some questions to ask oneself is: Should the place of discovery be given special prominence over the other regions. What will be the resulting consequence(s) of such action or inaction? I don't want to downplay the pertinence in developing the region that produces most of Ghana's natural resources. However, before we rush and make such a decision, we should ask ourselves, "why now?" Before oil and gas, there was gold, bauxite, and diamonds. Why did we not push for a legislative instrument that warranted the Western region to some percent of the total revenue that accrues to the nation for developmental purposes?

In all, I believe the future holds great prospect for this industry in this nation; the trillion dollar question is and will remain, "is it a curse of a blessing?"