Economy-Wide Impact of Oil Discovery in Ghana
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Washington, DC
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Ghana's oil will start to flow in
2011, maybe even before, and most of its known reserves will
be extracted in the immediate years after. The promise of
oil generates expectations of all sorts, the more so as
Ghana currently grapples with a macroeconomic crisis of
significant proportions. This overview discusses the
Ghana-specific nature of these challenges and explores
possible options to address them. In doing so, it builds on
seven thematic chapters which look at different aspects of
the question: (1) oil facts, (2) political economy, (3)
public financial management, (4) infrastructure, (5) private
sector development, (6) agriculture, and (7) poverty. While
the overview tries to bring together the findings of these
different chapters, further details and discussions on each
of these topics can be found in o f the chapters themselves.
It concludes that while oil revenue will not be large enough
to radically transform Ghana, it could, if improperly
managed, impose enough stress on non-oil sectors to severely
undermine Ghana's medium term development prospects.
Hence the huge premium and responsibilities put on
Ghana's successive authorities to wisely manage the oil
wealth to promote the development of the non-oil sectors.
Palabras clave
ACCOUNTABILITY, ACCOUNTING, AGRICULTURAL COMMODITIES, AGRICULTURAL OUTPUT, AGRICULTURAL PRODUCTION, AGRICULTURE, ARREARS, AUDITORS, AVAILABILITY, BALANCE, BARREL OIL, BARRIERS TO ENTRY, BENCHMARK, BENEFIT ANALYSIS, BINDING CONSTRAINT, BUDGET CONSTRAINT, BUDGET REVIEW, BUDGETING, CAPACITY BUILDING, CAPACITY FOR INVESTMENT, CAPITAL EXPENDITURES, CAPITAL INFLOWS, CASH FLOW, CEMENT, CIVIL SERVICE, COMMERCIAL BANK, COMMERCIAL BANK LENDING, COMMERCIAL INVESTMENTS, COMPETITIVE BIDDING, COMPETITIVE TENDER, CONSOLIDATION, CONSUMERS, CONSUMPTION EXPENDITURES, CONTINGENT LIABILITIES, COST ANALYSIS, CRUDE OIL, CURRENT EXPENDITURES, DEBT, DEBT INTEREST, DEBT MANAGEMENT, DEBT SERVICE, DECISION MAKING, DEPOSITS, DEVELOPMENT ASSISTANCE, DISCOUNT RATE, DISPOSABLE INCOME, DOMESTIC DEBT, DOMESTIC GAS, DOMESTIC SUPPLY, DRILLING, DRY GAS, ECONOMIC ACTIVITY, ECONOMIC FACTORS, ECONOMIC SECTORS, ECONOMIC STABILITY, ECONOMICS, EFFECTIVE ALLOCATION, ELECTRICITY, ELECTRICITY GENERATION, ELECTRICITY GENERATION CAPACITY, ELECTRICITY GENERATION MIX, ELECTRICITY TARIFFS, EMPIRICAL EVIDENCE, EMPLOYMENT, ENTREPRENEURSHIP, ENVIRONMENTAL, ENVIRONMENTAL ISSUES, EQUALIZATION, EQUILIBRIUM, EQUIPMENT, EQUIPMENTS, EQUITY ISSUE, EXCHANGE RATE, EXCHANGE RATE MOVEMENTS, EXPENDITURE, EXPENDITURES, EXPLOITATION, EXPLORATION DRILLING, EXPORT COMPETITIVENESS, EXPORTER, EXPORTERS, EXPORTS, EXTERNAL DEBT, EXTERNAL DEFICITS, FEASIBILITY STUDIES, FINANCIAL MANAGEMENT, FINANCIAL MANAGEMENT CAPACITIES, FISCAL DEFICITS, FIXED COSTS, FORECASTS, FOREIGN INVESTMENT, GAS, GAS FIELDS, GAS OUTPUT, GAS PRICE, GAS PRODUCTION, GAS RESOURCES, GAS SUPPLY, GASOLINE, GDP, GLOBAL MARKETS, GNP, GOVERNMENT BUDGET, GOVERNMENT REVENUE, GOVERNMENT REVENUES, GROSS NATIONAL PRODUCT, GROSS REVENUE, GROSS REVENUES, GROWTH RATE, HOUSING, INCOME GROWTH, INCOME TAX, INDUSTRIALIZATION, INFLATION, INFRASTRUCTURE FINANCING, INJECTION WELLS, INTEREST COSTS, INTEREST INCOME, INTEREST RATE, INTERGENERATIONAL EQUITY, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT CLIMATE, INVESTMENT DECISIONS, INVESTMENT PROJECTS, INVESTMENT STRATEGIES, LABOR FORCE, LABOR MARKET, LABOR MARKETS, LABOR PRODUCTIVITY, LAND PRODUCTIVITY, LAND SUPPLY, LAWS, LEGAL FRAMEWORK, LEVIES, LIQUIDITY, LNG, MACROECONOMIC CRISIS, MARGINAL PRODUCTIVITY, MARKET SHARE, MARKET VALUE, MARKET VALUES, MATURITY, MDAS, METROPOLITAN AREAS, MIDDLE INCOME COUNTRIES, MIGRATION, NATURAL GAS, NATURAL GAS LIQUIDS, NET OIL, OIL, OIL BOOM, OIL COMPANY, OIL EXPORTER, OIL EXPORTERS, OIL PRICE, OIL PRICES, OIL PRODUCTION, OIL RESERVE, OIL RESERVOIR, OIL SUPPLY, OILS, OPERATING COSTS, OPERATING EXPENSES, OPPORTUNITY COSTS, PEAK CAPACITY, PEAK OUTPUT, PEAK PRODUCTION, PER CAPITA INCOME, PER CAPITA INCOMES, PERMANENT INCOME, PETROLEUM, PETROLEUM RESOURCE, PIPELINE, POLITICAL ECONOMY, POPULATION GROWTH, POWER, POWER GENERATION, POWER STATIONS, PRESENT VALUE, PRICE FLUCTUATIONS, PRICE MOVEMENTS, PRICE SPIKES, PRICE VOLATILITY, PRIVATE INVESTMENT, PRIVATE INVESTMENTS, PRODUCERS, PRODUCT MARKETS, PRODUCTION COSTS, PRODUCTION RATES, PRODUCTIVITY, PRODUCTIVITY GROWTH, PROFITABILITY, PROVEN RESERVES, PUBLIC DEBT, PUBLIC GOOD, PUBLIC GOODS, PUBLIC INVESTMENT, PUBLIC INVESTMENTS, PUBLIC SPENDING, REAL EXCHANGE RATE, REAL INTEREST, REAL INTEREST RATE, REAL INTEREST RATES, REAL WAGES, RECURRENT DEFICITS, RECURRENT EXPENDITURE, REGULATORY AUTHORITY, REMITTANCES, REPAYMENTS, RESERVES, RESOURCE ALLOCATION, RETURN, RETURNS, RULE OF LAW, RURAL CREDIT, RURAL ELECTRIFICATION, SAFETY STANDARDS, SAVINGS, SCIENTIFIC KNOWLEDGE, SOVEREIGN BONDS, STOCK MARKETS, STREAMS, TARIFF STRUCTURE, TAX, TAXATION, TECHNICAL ASSISTANCE, TELECOMMUNICATIONS, TIMBER, TOTAL COSTS, TOTAL REVENUE, TRADING, TRANSPARENCY, TRANSPORT, TRUST FUND, TURNOVER, UTILITIES, VALUE ADDED, WAGES, WEALTH, WELFARE GAINS