Oil Discovery and its effect on democratic growth in Ghana Essay

oil colour Discovery and its effect on democratic growth in Ghana - essay ExampleOver the net decade, oil explorations in the Atlantic Ocean off to the coast of horse opera and Southern Africa have ushered the region of Sub-Saharan Africa into an oil spread out. There was a rapid incursion of transnational oil companies from around the world seeking to exploit these untouched oil reserves (Jerome 9). This oil boom has given Sub-Saharan countries such(prenominal) as Nigeria, Angola and Sudan great opportunity to turn their situations upside down and atomic number 82 their country towards a better future. However, in the midst of this great opportunity rest legion(predicate) pathologies such as high level of corruption, high risks of civil war, low prevalence of democracy, high poverty rate and poor economic growth (Jerome 9). Thus, the ensuing years of the oil boom was marked by a drastic realization for these countries.When Ghana gained its independence in 1957 from the Britis h, it had matchless of the strongest economies in Africa. However, years after it gained its independence, numerous domestic problems have caused the economy to drop and further decline till the year 1980. For more than 15 years, Ghana was able to slowly recover through economic reforms and Ghana is now considered as one of the Africas brightest prospects. However, what made Ghana attain such status quo is the recent oil discovery in offshore Tan/West Cape three Points Basin in the Western Region of Ghana. Oil companies who led the explorations were Kosmos Energy of US and Tullow Oil of UK under the supervision of Ghana National Petroleum green goddess (GNPC). In an instant, Ghana joined the ranks of its fellow African countries who are also producing oil and it is also judge that for the next two decades, billions of pounds and dollars are expected to pour in Ghana (Lerrick 7).Unfortunately, the excitement did not last long for the people. Once the jubilation was over, people be gin to wonder whether it is really oil that their economy demand in order to achieve its goal. Ghanaian