afrol News, 19 June - Ghana does not want to join a league of Africa's oil producing countries that have failed to properly manage the resources to better the lives of their citizens.

Kwamena Bartels, the Ghanaian Minister for Information assured that Ghana would be wary of not repeating the mistakes made by oil discovering African states.

International oil firms said they have discovered huge oil deposits in the western part of the country. The oil deposits is believed to be one of the biggest in Africa.

The discoveries were announced by both the UK and US energy firms - Tullow Oil and Energy Kosmos.

Tullow Oil said it has discovered 600 million barrels of light oil offshore from Ghana.

It said the reserves in the Mahogany exploration well were far greater than the 250 million barrels than the firm had earlier forecast.

"Based on evidence to date, ultimate reserves are likely to be materially in excess of previous estimates, with some high potential zones still to be drilled," Tullow Chief Executive Officer, Aidan Heavy, said, warning that it might take seven years before Ghana enjoys oil flow.

Energy Kosmos group said it had discovered oil at Cape Three Points in the Ghana's western region. The company claimed to have reached 633 feet deep of oil and have not reached to thebottom of the pit.

Ghana spends over US $200 million a year on the importation of oil.

But the question that has been on the lips of many people is the country's capability to use the natural resources to shape better living for its citizens.

Ghanaian President, John Kufuor, was optimistic that the oil would grease the wheels of his country's economy. He said countries that effectively manage oil can easily stimulate development because oil generates money.

President Kufuor said in the absence of oil Ghana's economy is doing well.

Minister Bartels disclosed that Ghana government has set up six teams to study the experiences and challenges oil producing countries go through.

By staff writer

© afrol News

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