Ghana Oil Find: What is at Stake for the Ghanaian Entrepreneur?

Abstract

Ghana has discovered oil in commercial quantities under her soil at Cape Three Point in its territorial waters in the Western region of Ghana. There was total jubilation on the part of the central Government, ordinary Ghanaians and entrepreneurs in the country because they foresee many opportunities arising as a result of that. Although, this is good news, strategic decisions must be taken to ensure that all objectives are realized. In light of this, the research has highlighted some African countries that were lucky to also have oil to enhance an explicit comparative study. The research, by way of methodology selected countries such as Nigeria, Algeria, Angola, Congo and Sudan for a comparative study. Out of this study, issues of concern were raised as lessons for Ghana. Though Africa has about fifteen oil producing countries, the ones selected for the study were highly relevant to the course of this article. It was recommended to the central Government to deal with border demarcation issues, security issues, a constant review of contracts and empowerment of the private sector since that could help the entrepreneurs in the country to expand their frontiers. As a result of that, unemployment and other social problems could be prevented. A greater percentage of expectations from the Government, entrepreneurs and indigenes would be fulfilled if the lessons from the comparative study are addressed well.