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.