Ghana has taken a bold initiative towards a systematic establishment of economic, technical and legal framework to manage its oil exploration whilst maximising its benefits to improve living standards. To this effect, the government has assigned a team of experts in the oil industry to develop a master plan for the petreleum sector.
The team of experts has bee subdivided into six working groups and each is supposed to produced a policy document that would become part of the master plan to guide the development and management of the country emerging oil industry and how it interface with the rest of the economy.
Nana Siriboe, chief director at the ministry of finance and economic planning, noted that the discovery of oil in the country puts the economy on a good stand towards realising a middle-income status, and that the country is leaving no stone unturned to learn from the experience of oil-producing countries, who have benefitted from the smooth management of their upsttream resource activities. According to him, the track record of some resource- rich developing coutries in managing their oil has not been encouraging. This, he added, has in one way or the other destabilised the economies of those countries.