Ghana. According to
Countryaah official site, the news from Ghana during the year was very much
about the new oil nation's hopes for economic progress.
Shortly after the country began commercial oil extraction in
late 2010, it was reported in February that a new oil field
was discovered in the sea.
The International Monetary Fund (IMF) estimated that
Ghana's economy would grow by about 13% during the year,
against 6% in 2010.
In March, Parliament passed a long-debated law on how oil
revenues should be used. It was stipulated that the money
should be collected in a government fund and that the
government may use 70% of the assets for development
projects. The law also aims to give the public insight into
how oil revenues are managed.
Ghana is the world's second largest producer of cocoa and
Africa's second largest gold producer. However, the oil is
expected to soon pass both of these goods as the country's
largest source of income.
Oil recovery also leads to gas production. In order to
take care of the gas, the government signed an agreement
with the Chinese state on a loan worth USD 800 million for,
among other things. pipelines.