Ghana discovered oil in commercial quantities in July 2007 and began production in December 2010. Many questions have since followed, and the find is attracting banner headlines for the right and wrong reasons.

The oil companies in the field are gradually becoming household names. Tullow Oil and Kosmos Oil are leading the way, with Tullow listing on the Ghana Stock Exchange.

The debate on the oil find became particularly hot because of concerns that Ghana’s long extractive industry history and long years of digging, scraping, pollution and the relocation of villages have brought about few tourists, community centres or meaningful developments.

Oil is and will be the most important single fuel in the global energy mix for the foreseeable future; Coal, natural gas, nuclear power, renewable and other sources will continue to supplement oil in meeting the world’s growing demand for energy. Big new consumers like China and India which will account for 43 per cent of global demand by 2030, continue to aid the rise in the price of oil and the search for new reserves as United States of America, European Union and Japan, the big buyers, continue to seek new sellers.                                       
    
The United States of America, the biggest consumer of oil, has seen its net imports of oil and petroleum products rise steadily since 1982 to fill the growing gap between home supply and demand. The US imports around 60 per cent of its oil and The European Union is expected to import 94 per cent of its oil. Oil, therefore, now transcends trade and commerce as one of the strongest determinants of global energy and economic security for generations to come.    

The full article is featured in the launch edition of Your Magazine. 

Richard Akomfrah